India Ditches Us Dollar In Russia Trade Reuters
According to a recent report by Reuters, India has stopped trading with Russia using the US dollar. The move comes as a significant shift in the trading activities of the two countries and is expected to impact global trade dynamics.
The Background
India and Russia have been trading partners for decades. In recent years, the two countries have strengthened their bilateral ties, with a particular focus on trade and commerce. The trade between the two countries has been traditionally conducted in US dollars.
The Recent Shift
However, in recent years, India has been looking to reduce its dependence on the US dollar. The recent shift in the trading activities between India and Russia is a part of this larger strategy. The move is expected to help India in reducing its exposure to the US dollar and strengthening its ties with Russia.
The Impact
The impact of this shift is expected to be significant. It is likely to reduce the dominance of the US dollar in global trade. It is also expected to increase the use of other currencies such as the Euro and the Chinese Yuan in global trade activities.
The Future
The shift in the trading activities between India and Russia is a part of a larger trend of reducing dependence on the US dollar. It is expected that this trend will continue in the future, with more countries looking to reduce their exposure to the US dollar. The move is also expected to strengthen the ties between India and Russia and increase their bilateral trade activities.
The Conclusion
The recent shift in the trading activities between India and Russia is a significant development in the global trade dynamics. It is expected to reduce the dominance of the US dollar in global trade and increase the use of other currencies. The move is also expected to strengthen the bilateral ties between India and Russia and increase their trade activities.