BRICS Discusses Common Currency, but De-dollarization Remains Distant, Says Indian Minister

Indian Oil and Gas Minister Hardeep Singh Puri expressed his personal desire to transact everything in Indian rupees, but acknowledged that de-dollarization, or moving away from the U.S. dollar for trade settlements, is still a distant goal. While some oil trades have been settled in currencies like the Chinese yuan or Indian rupee, Puri believes that the U.S. dollar will remain the dominant currency for international oil transactions. He noted that the Indian rupee's prominence in the global market is a long journey, given the size of India's economy and its external sector. The BRICS summit discussed the possibility of a common currency, but Puri emphasized that existing trading and payment arrangements have been in place for a long time.