The rupee hit a record low of 84.73 against the dollar, driven by strong dollar demand and Trump's tariff threats to BRICS nations. Weaker-than-expected Q2 growth and global factors compounded the decline.

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.