Chennai, May 9 : The dedollarisation is a gradual journey and has to face various challenges, including geopolitical angle, said industry officials.

The reported decision of India and Russia to suspend talks to settle bilateral trade in rupees is a big setback for the exporters, said an exporter.

Simply put, dedollarisation means lesser reliance on the US dollar as a medium of exchange in international trade.

"Lot of geopolitical angles would come into play in respect of dedollarisation. It depends on the kind of pressure India could face," Rakesh Shah, Director Nipha Group and former Chairman of Engineering Export Promotion Council of India (EEPC) told IANS.

For instance, Myanmar is in the Financial Action Task Force (FATF) blacklist and India is going for trade with that country which may not be liked by other countries, Shah said.

The Kolkata-based 65-year-old Nipha group ships out engineering goods world over.

According to Shah, the reported decision of India and Russia to suspend talks on settling trade payments in Rupees is a big setback for the Indian importers.