India not pursuing de-dollarization says Reserve Bank governor

Reserve Bank of India Governor Shaktikanta Das stated that India is not pursuing de-dollarization as part of the BRICS group. He clarified that India has allowed local currency trade through vostro accounts and agreements with some countries, but not aimed at reducing dollar reliance. Das noted that the idea of a common BRICS currency was proposed by one member but emphasized that geographical differences among BRICS nations make this impractical. He reiterated that India opposes a common currency with China and has no plans for de-dollarization. The governor's comments align with India's focus on increasing local currency trade to mitigate risks associated with dollar fluctuations. He dismissed the notion of de-dollarization as a media narrative, stating that India's efforts are centered on trade de-risking.