evidence: Asian markets have discussed the need for other currencies as viable alternatives to the US dollar for some time. The "Joint Statement of the BRICS Ministers of Foreign Affairs and International Relations" released after the meeting of the foreign ministers of BRICS (Brazil, Russia, India, China and South Africa) in Cape Town, South Africa, on June 1, 2023,1 underscored the importance of encouraging the use of local currencies in international trade and financial transactions among BRICS members as well as with their trading partners. In fact, the need for alternate currencies has been emphasized by the International Monetary Fund (IMF) for a while2. The IMF has identified the Indian rupee (INR) as a potential international currency alongside China’s RMB (renminbi). In 2016, China’s RMB was included in the IMF’s Special Drawing Rights (SDRs) basket. Recently, the IMF raised the RMB’s weightage to 12.28 percent. [...] All this may not challenge the dollar’s dominance, but India’s growing geopolitical leverage and prospective economic growth, as projected by several international agencies (Goldman Sachs, the Japan Center for Economic Research [JCEP]), will certainly make the Indian rupee an accepted international currency in the years to come. In 1971, Susan Strange7 coined the notion of a "negotiated currency".