Rising challenge to dollar dominance

Several countries have decided to bypass the US dollar and conduct trade using their national currencies. These nations argue that reducing dependence on the dollar can devalue it. Invitations are being extended to other countries reliant on the US dollar to join this movement. Notably, India’s involvement in this initiative is surprising.
While the US dollar maintains its dominance globally, such shifts bring significant challenges. For instance, the dollar's growth against the Indian rupee weakens the latter, diminishing its value. Similar issues are faced by major economies like China and Russia. To counter this, BRICS nations are working to introduce new currencies to challenge the dollar, with Russia playing a pivotal role in these efforts.
In October, during the BRICS summit in Kazan, Russia, discussions focused on increasing non-dollar transactions. Russia proposed that bilateral trade with India and China could be conducted using respective national currencies. As a result, India has intensified its crude oil imports from Russia.
In a similar vein, China and Saudi Arabia, as well as India and Russia, have struck agreements to explore alternatives to the dollar.
Amid this scenario, Donald Trump, the newly elected US President, has warned BRICS nations that introducing a new global trade currency to replace the dollar will lead to a "100% tax." The impact of this threat will depend on his subsequent policy decisions after assuming office.
The efforts by various nations to find an alternative to the dollar represent a justified move to challenge its dominance.