No plans for BRICS currency, focus on Rupee for bilateral trade: Govt Sources

There are no plans to introduce a BRICS currency, government sources have informed CNBC-TV18. Instead, the government is prioritising the strengthening of the Rupee in bilateral trade with various countries to mitigate exchange rate risks.

Sources further clarified that India remains committed to fostering beneficial global partnerships like QUAD and BRICS. QUAD, an intergovernmental security forum, includes the United States, India, Japan, and Australia. BRICS, meanwhile, is an intergovernmental organisation comprising Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, and the UAE.

Additionally, sources stated that none of the decisions taken so far by the Donald Trump-led US administration appear to be targeted adversely at India. The newly sworn-in American President had earlier threatened to impose 100% tariffs on BRICS nations in case they proposed a BRICS currency plan.

Other key moves by the Trump administration since assuming office include exiting the World Health Organisation (WHO), withdrawing from the Paris climate accord, ending birthright citizenship, and officially recognising only two genders: male and female.