Iranian Foreign Minister Abbas Araghchi on Friday praised India's leadership of Brics, describing the grouping as an important institution and expressing confidence in New Delhi's ability to lead the bloc effectively.

Speaking in Delhi, Araghchi said, "We consider India as a great emerging country, which is now presiding over Brics. Brics is a very important institution right now and is playing a very important role. I'm sure that India is able to lead the Brics group and the countries that are members of this group in an excellent way."

On the possibility of a common Brics currency, Araghchi said member states had different views but shared support for greater use of national currencies in trade.

"Inside Brics, there are different opinions, but all members of the group believe that national currencies should be strengthened and trade between the member states should be conducted through national currencies. But having a single currency is still under consideration," he said.

Earlier, Iranian President Masoud Pezeshkian too called for a greater shift towards the use of national currencies in trade among Brics members, saying diversified payment channels and financing sources would help make the bloc's economies more resilient to geopolitical and financial shocks.

"One of the most important steps is to expand the use of national currencies in trade among the members," Pezeshkian said while addressing the Brics Business Forum in Delhi.

He said the existing international financial system was vulnerable to political shocks due to its reliance on a limited number of currencies.

Greater use of national currencies, supported by mechanisms to manage currency risks and facilitate reciprocal settlements, could help shield intra-Brics trade from political pressure, he said.

Pezeshkian said the world was witnessing heightened geopolitical uncertainty and supply-chain disruptions, while economic tools were increasingly being used to exert political pressure.

Iran, he said, believed economic resilience required diversification of trade partners, financing sources and payment channels.