The BRICS countries are working to bring in a new reserve currency to better serve their economic interests, according to senior Russian diplomat and points person for the bloc Pavel Knyazev.The reserve currency will be based on a basket of the currencies of the five major emerging economies of Brazil, Russia, India, China and South Africa, according to media reports."The possibility and prospects of setting up a common single currency based on a basket of currencies of the BRICS countries is being discussed," Knyazev, Russian Sous Sherpa said.Analysts say that the BRICS reserve currency is meant to rival and reduce reliance on the US dollar, euro and the IMF's Special Drawing Rights (SDRs) currency.During the 14th BRICS Summit in June, Russian President Vladimir Putin announced that the five-nation bloc plans to issue a new global reserve currency."