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India joins the global dedollarization drive—And the Rupee is its weapon
The goal is clear—make the rupee tradable, investable, and respectable across borders.
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R Suryamurthy - Mon, 27, Oct 2025
- 09:25 EDT
- 29
A woman holds a five-hundred-rupee currency note in the old quarters of Delhi, India, September 25, 2025. / REUTERS/Bhawika Chhabra
The world is slowly breaking up with the dollar—and India wants to be part of the next chapter.
From Moscow to Brasília and Beijing to Abu Dhabi, governments are rewriting trade playbooks to reduce dependence on the U.S. currency. Now New Delhi is pushing the Indian rupee as a credible alternative—not to replace the dollar, but to carve out space for itself in a multipolar financial world.
The Finance Ministry’s Monthly Economic Review for Sept. 2025 signals how far this effort has come. Beneath routine growth updates lies a quiet revolution: the internationalization of the rupee, driven by new regulatory reforms, expanding trade corridors, and the rising global appetite for local-currency settlements.
The goal is clear—make the rupee tradable, investable, and respectable across borders.
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