The US Dollar is no doubt the most powerful currency in the world. The domination has been on for several decades right after the second world war and then the trend of globalization. Many countries have more or less surrendered to it and have accepted this way of trading and international settlements. Now there have been efforts to slowly reduce the trend.
This started with Russia unable to face the pressure of sanctions over the Ukraine war and getting ready to deal through an alternate financial system with Russia. The hike in interest rates by the US Fed is being cited as a reason for poverty hike and inflation in developing countries and many countries are facing the brunt of it and Sri Lanka is one example.
Even India, China and other countries are now opening new trade mechanisms, in addition to Vietnam, Thailand and other developing countries that want to reduce the dependence, and therefore volatility to dollar exposure. Although this may take many years, efforts have certainly started earnestly to move away from regular trading in US dollars, towards all other alternatives.
