BRICS: Why Is the Indian Rupee Crashing Against the US Dollar?
BRICS member India’s local currency the Rupee is falling to a new low on Monday against the US dollar. The Indian Rupee plummeted to 83.38 as the US dollar gained strength against all the BRICS local currencies this month. The Rupee is relentlessly experiencing a dip due to various factors including local and international financial pressure. Despite India’s thriving economy, the Rupee’s lackluster performance in the currency market is a cause of worry for the Modi administration. Also Read: BRICS: De-Dollarization Gaining Steam in Developing Countries Source: Google BRICS: What’s Happening With the US Dollar and the Indian Rupee? Source: Bloomberg The Rupee ’s fall comes after leading global banks and traders were seen bidding for the US dollar and not the Rupee . The move was most likely initiated on behalf of institutional and custodial clients of the global banks. The result led the Rupee to become “sticky in the 5-10 paisa zone near 83.30” said a tr...