Geopolitics · 13 September 2026
Why India does not want a BRICS common currency
Dedollarisation is a direction. A shared BRICS coin is a surrender of the rupee to a room India does not control. New Delhi can tell the difference.
Every BRICS cycle produces the same headline: a common currency to break the dollar. Every Indian cycle produces the same quiet no. A currency is not a press note. It is a central bank, a fiscal union, and a willingness to let someone else's inflation become yours.
India will settle more trade in rupees. India will not put the rupee in a jar with four other flags and call it strategy. That is the argument in our short — and it is the argument that survives the summit gala.