India’s rupee has fallen to its lowest point ever, trading at 84.6850 per dollar after a government report revealed the slowest economic growth in two years. But the rupee isn’t just slipping because of domestic issues.

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.

The proposed tariffs would remain until those nations commit to not backing a new currency to replace the dollar, Trump said.

President-elect Donald Trump railed on social media over the weekend against a group of emerging economies for their attempts to circumvent the dollar. While markets mostly took Trump's words in stride,

The Kremlin said on Monday that any U.S. attempt to compel countries to use the dollar would backfire after U.S. President-elect Donald Trump threatened to impose tariffs on BRICS countries if they created their own currency.

Donald Trump's remarks follow a BRICS meeting last month that discussed boosting non-dollar transactions and strengthening local currencies.

While the U.S. dollar is by far the most-used currency in global business, members of the so-called BRIC alliance say they are fed up with America’s dominance of the global financial system.