I am of the view that overall there will be a process of de-dollarisation over time. Part of it is the structure of the share of the global economy of the US. It has fallen from 40% to 20%. It does not make sense for the US dollar to be two-thirds of all international financial and trade transactions, part of it is geopolitics. The US is weaponising the US dollar for national security and foreign policy objectives that, of course, makes the rivals of the US uncomfortable.
But even some of the friends and allies of the US whether in the Middle East or even in Asia are a little bit queasy about that.
One can see how the Indian rupee could become a vehicle currency for some of the trade that India does with the rest of the world, especially South-South trade. It could be a unit of account, it could be a means of payment, it could become a store of value. Certainly, the rupee over time could become one of the variety of global reserve currencies in the world
eventually it might but in how many decades!. AFAIK every country has large portion of Forex Reserves in USD only. I dont remember where but I heard a podcast where it was mentioned even if a huge countries like china or EU wants to dedollarize themselves they will have to face immediate losses becoz they have Trillions of dollars in TBIlls and Notes of USD.
This is not going to be easy and INR becoming a reserve is not so simple. our GDP per capita is still one of the lowest.