India has put itself into the position of a swingstate: it is manoevering between the hemissphere of interest of the American-led "West" and the strongly growing group of "BRICS+" states that are aiming for establishing a new settlement layer and reserve asset to grow their internal trade and gaining independence from the US Dollar.
Today India’s central bank, RBI, announced another big move for establishing this new settlement mechanism besides the still dominating USD: After Russia, the RBI announced, 35 countries showed their interest in foreign trade settlements in the Indian Rupee, INR.
So it's fair to say that currency wars are heating up. Watch for the Fed defending the USD during the steepest hiking cycle on record to regain confidence in its role as prestine collateral besides US treasury bonds... rough sea ahead!