India’s External Affairs Minister S. Jaishankar clarified on Tuesday that India is not targeting the U.S. dollar in its economic policy. Speaking at the Carnegie Endowment for International Peace in Washington, Jaishankar emphasized that while India seeks to protect its trade interests, avoiding the dollar is not a deliberate strategy. He said:

We have never actively targeted the dollar. That’s not part of our economic, political, or strategic policy. Some others may have done so. What I will say is that we have a natural concern. We often have trade partners who lack dollars for transactions.

He explained that India must choose whether to stop trading with those partners or “find alternative settlements that work,” making clear that “there’s no malicious intent towards the dollar.”

Jaishankar’s comments come amid shifts in global trade, where nations like Russia and China are reducing their reliance on the U.S. dollar in bilateral deals, especially after Russia was excluded from Swift. India, however, is more focused on managing trade with partners facing dollar shortages, including Bangladesh, Sri Lanka, and Nepal. He also addressed the broader global shift in currency use:

We spoke about multipolarity. Obviously, all of this will also be reflected in currencies and economic dealings.

While global reserves diversify with currencies like the renminbi gaining share, Jaishankar reiterated that India’s efforts are not aimed at undermining the dollar’s dominance.

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