In August, External Affairs Minister S Jaishankar expressed scepticism about the need for a Brics currency and said it was highly likely that the alliance members would continue to be involved in global trading by using their own currencies.

The world could see a second wave of tariff war as Donald Trump takes office this January. The US President-elect has threatened a 100% tariff on the BRICS countries, including India, if they undercut the US dollar or replace it with another currency for international transactions.

President-elect Donald Trump said he would require countries that are part of BRICS — a China- and Russia-backed group of emerging economies — to commit to not creating new currency or face 100% tariffs during his administration.