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Dedollarization Is Not Our Objective: India Clarifies Currency Goals

The Reserve Bank of India (RBI) has rejected the idea of de-dollarization and emphasized its focus on local currency trade agreements. RBI governor Shaktikanta Das stated that recent initiatives, such as vostro accounts and currency-denominated trade agreements with other countries, aim to reduce trade risks rather than move away from the dollar. Das also dismissed the idea of a BRICS currency, citing challenges due to the geographical dispersion of the member nations. India's objective is to foster local currency trade to mitigate risks associated with dollar volatility. The comments come amidst global currency debates and concerns from the US about alternative currency proposals.

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