The hegemonic dominance of the United States Dollar as the global reserve currency has been a striking feature of the international financial system since the Bretton Woods era. Its predominance in world trade, financial settlements, and agent that stabilise the global prices in energy markets has provided the United States with unparalleled advantages over other economies, while sustaining and continuously shaping the global economic order around a unipolar monetary framework. However, with recent geopolitical shifts, financial disruptions, and the unethical weaponization of the dollar through actions like tariffs and sanctions have accelerated debates on need of De-Dollarisation. Emerging economies, particularly in the region of Global South, are increasingly exploring reliable and dignified alternative settlement mechanisms, bilateral and multi-lateral regional currency arrangements, and spreading economically diagnosed global narratives to reduce dependence on the dollar. This paper examines the recently surfacing phenomenon of de-dollarisation as a critical strategic driver of a new global economic order. It aims to acknowledge, examine and highlight the role of recently emerged multilateral institutions such as the BRICS New Development Bank, Asian Infrastructure Investment Bank, and various economic as well as energy initiatives within the Shanghai Cooperation Organisation (SCO) and G20. These institutions, clubbed with various bilateral trade arrangements, are fostering greater use of local currencies in cross-border trade and mutual investment. Various insights can be drawn from Russia–China energy trade, India’s Rupee-Rubel settlement system, the Gulf’s aspirations of getting free from exploitative Petro- dollar game highlights both the opportunities and constraints of currency diversification. The study argues that de-dollarisation is complex and a multi-dimensional phenomenon with array of geo-political and economic dynamics which regulates the value of dollar and thus it does not imply the immediate collapse of dollar hegemony but rather a gradual and steady shift towards a multipolar financial world order. The implications of this transition are vast as it promises greater autonomy, equitable partnership for developing economies and the possibility of a fairer distribution of economic power, resources, and decision-making capacity. By critically assessing these dynamics, the paper explores de-dollarisation and emergence of multilateral trade relations that are shaping the dynamics of a post-dollar global order