For more than seven decades now, the world has come to accept the US Dollar as its reserve currency. Of late though, we are witnessing a rising clamour against this USD eminence, especially from the emerging markets as they reassess their economic stability amidst an increasingly uncertain world post the onset of war in Europe. Is the mighty dollar, forming almost 60% of the world’s total reserves, really doomed? What could be the consequences of such a change, what alternatives can the world present, and more importantly, are the emerging markets, including India, equipped to handle this potentially chaotic Dedollarization of the global economy?
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