India has no plans to 'de-dollarise' its trade and is only looking at derisking it from global headwinds, RBI governor Shaktikanta Das said on Friday.
Das was responding to a query on US President-elect Donald Trump's threat of 100 per cent tariffs on imports from Brics countries if they move away from the dollar.
De-dollarisation occurs if countries reduce their reliance on the US dollar as a reserve currency. "With regard to the de-dollarisation, there is no step which we have taken which specifically wants to de-dollarise," he said.
On the Brics currency, Das said it is an idea floated by its members. There has been no progress beyond some discussions.
Brics countries are spread across the globe whereas contiguity has ensured the success of a single currency for the European Union.
India's attempts are limited at permitting vostro accounts and entering into agreements with two countries for settling trade transactions in local currency.
"That is basically to derisk our trade. Dependence on one currency can be problematic at times because of appreciation or depreciation. De-dollarisation is certainly not our objective, it is not on the table at all."