India’s rupee has fallen to its lowest point ever, trading at 84.6850 per dollar after a government report revealed the slowest economic growth in two years. But the rupee isn’t just slipping because of domestic issues.

Why are countries trying to move away from the dollar? What has India done so far in this regard? And why is there a risk of Chinese domination if the dependence on the US dollar does go down?

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.