Salience of US Dollar To be Diluted: Jaishankar on De-dollarisation Trend

"If a country X and country Y, both have problems with the US and they will de-risk their transactions by finding a third or one-to-one option. We are beginning to see a lot of it. You look at a lot of other changes in the world. How countries have started to deal with each other more directly, not necessarily going through America, etc. It is bound to have a currency implication," Jaishankar highlighted.

"The second is that in many parts of the world, there is a shortage of the dollar. I go to Africa, one of the regular complaints we hear is that we would love to trade with you but we don’t have hard currency,” the top Indian diplomat stressed.

"It is a solution for problems… I can tell you in our immediate neighbourhood. If you ask me in the next five years, I see a big change coming. I think you are going to see much more trade settlements in our own currencies than we have ever seen before," the foreign minister stated.

"To that extent, I would say the kind of reliance on the dollar or the salience of the dollar would be diluted," emphasised Jaishankar.