The US dollar is fast losing its sheen, and several countries worldwide are now looking at alternative currencies to carry out international trade.
The Indian rupee and the Chinese yuan are fast emerging as alternatives.
According to Bloomberg data, the Chinese yuan topped the US dollar as the most traded currency in Russia during February and March.
Conversely, India has signed a rupee trade mechanism agreement with 18 countries worldwide.
Now, a third front is a likely choice - A new currency for BRICS nations.
BRICS was coined by taking the first alphabet of the names of major emerging market countries - Brazil, China, India and South Africa.