"De-dollarisation is evident in FX reserves where [the dollar's] share has declined to a record as share in exports declined but is still emerging in commodities," the US bank noted

In contrast to the rupee, other Asian currencies were mostly higher after US Federal Reserve chairman Jerome Powell struck a moderately dovish stance

Increasing oil deals between the two countries have already begun to corrode the US dollar’s long-running dominance in energy trade

One of the government officials directly involved in the matter said New Delhi is "not comfortable" with foreign trade settled in yuan but said settlement in "dirham is okay"

The system has already been used by Russia following the imposition of sanctions on Moscow over the Ukraine war

Emerging market currencies have outperformed their developed market counterparts this year and analysts say signs point to a broader turn in dollar sentiment

The traders have been critical of the gap between the market rate and the regulated exchange rate of the local kyat and US dollar, The Global New Light of Myanmar said.

The slide has deepened an already difficult economic crisis, as Pakistan struggles with depleting foreign currency reserves and a current account deficit

The State Administration of Foreign Exchange (SAFE) said China's foreign debt was expected to maintain "reasonable and orderly" development

The dollar climbed to as high as 137.28 yen in morning trading, its highest since late 1998 before lightly paring those gains