Simple as that, ruble-rupee trade is good until you need to use all those money, and for the use, you have to exchange it into a trustable currency, at which point you realize nobody is taking monopoly money India can print unrestrained for good old $!
I remember emphasizing this during that period. It was funny people actually believe it was going to actually work, especially in this short period of time. It's really funny.
It was too obvious that this is how things will play out.
What's even funnier was the fact that their biggest strategy was to paint the dollar as the cause of all economic ruin in the world. They tried to paint the Chinese yuan and Russian Ruble as better than the dollar. How did people even buy that?
Countries that actively export goods, works and services are not interested in the growth of the price of their national currency against the US dollar.
This is true.
It's countries that import a lot that gets affected the most by the dollar rate. There are countries that import almost everything and the dollar rate affects everything thereby leading to inflation.