Can BRICS reserve currency diminish dollar dominance?

In his recent address to the BRICS Business Forum, Russian President Vladimir Putin stated that the minilateral member states were working on developing a new global reserve currency. The Brazilian government under Bolsonaro has moved closer to the Western powers and has been inconsistent in supporting a BRICS reserve currency. This will be a challenge, as 86 percent of India's imports rely on the US dollar invoicing, despite only 5 percent of India's imports originate in the US. Similarly, 86 percent of India's exports were invoiced in US dollars, while only 15 percent of India's exports were to the US. India is unlikely to play an explicit role in any BRICS plan to reduce the influence of the US dollar it can help minimise dollar dependence by supporting initiatives that promote the use of local currencies in trade and finance. China has persistently criticised the dollar hegemony Chinese policymakers have failed to prepare a precise plan to destabilise its global reserve currency status. The fundamental reason for developing an SDR-like basket currency for BRICS nations is to address the US dollar hegemony and build their sphere of influence and unit of currency within that sphere. De-dollarisation, in one way or another, is a shared interest and priority for all BRICS nations to diversify and reduce the risk of exogenous shocks and currency shocks caused by the US dollar. While BRICS member states-collectively and individually-intend to safeguard their global financial interests by developing a reserve currency, over-dependence on the US dollar poses challenges that may make such an idea a distant reality.