Why are countries trying to move away from the dollar? What has India done so far in this regard? And why is there a risk of Chinese domination if the dependence on the US dollar does go down?

India’s rupee has fallen to its lowest point ever, trading at 84.6850 per dollar after a government report revealed the slowest economic growth in two years. But the rupee isn’t just slipping because of domestic issues.

As Donald Trump threatened 100% tariffs on Brics nations, including India, if a new Brics currency was developed to replace the US dollar, India adopted a cautious approach to de-dollarisation even as Washington recently became New Delhi's leading trading partner.

The proposed tariffs would remain until those nations commit to not backing a new currency to replace the dollar, Trump said.

The Kremlin said on Monday that any U.S. attempt to compel countries to use the dollar would backfire after U.S. President-elect Donald Trump threatened to impose tariffs on BRICS countries if they created their own currency.

Donald Trump's remarks follow a BRICS meeting last month that discussed boosting non-dollar transactions and strengthening local currencies.

While the U.S. dollar is by far the most-used currency in global business, members of the so-called BRIC alliance say they are fed up with America’s dominance of the global financial system.