In his latest trade-related tirade, President-elect Donald Trump has set his sights on a group of emerging-market countries collectively known as the “BRICS.”

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?

Monday’s gains marked the latest leg of a powerful rally for the US dollar, which was boosted by Trump’s win in last month’s presidential election. Investors have been betting that Trump’s tariff plans will be inflationary, hampering the Federal Reserve’s ability to reduce interest rates.