BRICS explores alternatives to dollar, rupee's role uncertain

In November 1956, Britain's pound was dumped by traders after the Suez invasion, losing $450 million in reserves, and the US blocked IMF rescue until Britain withdrew.

On July 24, the US 10-year Treasury yield closed at 4.69%, gold traded near $4,000 an ounce, and the rupee neared 96.5 to the dollar.

The dollar's dominance is supported by four pillars: reserves, oil, plumbing (SWIFT and New York banks), and demand for US debt, each now being tested.

The article argues that the world is not abandoning the dollar but diversifying how it stores and moves value, driven by geopolitics and technology.

India aims to be a key player in this new world, potentially using the rupee as part of the diversification.