๐ฎ๐ณ INDIA STRIKES A DOLLAR BLOW โ FULL RUPEE TRADE FOR BRICS!
In a move that could quietly shake the foundations of global trade, the Reserve Bank of India has opened the gates for BRICS and partner nations to settle transactions entirely in INR โ no US dollar needed.
A fresh RBI circular now allows banks to open Vostro accounts for foreign companies without prior RBI approval. This means exporters and importers from friendly nations can trade directly in rupees, making settlements faster, cheaper, and more independent from USD fluctuations.
Why it matters:
๐ Boost for Rupee Internationalisation โ Easier INR settlements mean more demand and offshore liquidity for the rupee.
๐ก Geopolitical Play โ Comes after fresh US tariffs on India, signalling a strategic pivot to reduce dollar dependence.
โก Trade Efficiency โ Eliminates red tape, speeds up transactions, and strengthens BRICS economic corridors.
The bigger picture:
This isnโt an overnight dethroning of the dollar โ its dominance runs deep โ but itโs a clear, calculated step in building an alternative trade system. Over time, this could reshape regional finance, strengthen Indiaโs policy autonomy, and give BRICS members more leverage in global markets.
๐ Bottom line: The rupee just got a bigger stage. The quiet moves made today could be the headlines of tomorrowโs financial shift.