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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...

BRICS countries Russia, China, and India are looking to replace the US dollar with local currencies for global trade. China is advancing in convincing other developing countries to ditch the US dollar and settle cross-border transactions in local currencies. The Communist nation has convinced Saudi Arabia, Pakistan, Russia, India, and other African countries to pay the Chinese Yuan and not the US dollar for bilateral trade. Also Read: Argentina Has No Interest in BRICS, Says President’s Top Aide On the other hand, Russia is bypassing US sanctions by selling crude oil at discounted rates to developing nations. BRICS member Russia is asking other countries to settle oil payments in the Chinese Yuan or the Ruble. Additionally, India is signing new trade agreements with the UAE and other countries to pay the Rupee for global trade and not the US dollar. The developments indicate that the three BRICS countries want to put their local currencies first and not the US dollar. So wil...

A growing number of countries are expressing discontent with the U.S. dollar and America’s global financial policies. The dissatisfaction comes at a time when the BRICS alliance is looking to sideline the U.S. dollar for international transactions. The displeasure against America’s hegemony perfectly coincided with the BRICS summit, when countries were looking at alternatives other than the U.S. dollar. A total of 45 countries have expressed interest in joining the BRICS bloc in the weeks ahead of the summit. 23 countries have formally submitted their applications, while 22 other nations have expressed an interest in joining the group. Also Read: 45 Countries Prepare To Join BRICS Weeks Before Summit 85% of the World’s Population Could Ditch U.S. Dollar if BRICS Launch New Currency Source: thecradle.co Andy Schectman, President of Miles Franklin, says that 85% of the global population could ditch the U.S. dollar “all at once” . If BRICS indu...

Over the past couple of weeks, international trade has seen efforts taken to diminish the reliance on American currency. Subsequently, the BRICS nations’ GDP and their potential currencies present the greatest threat yet to the US dollar’s dominance. The BRICS collective, comprised of Brazil, Russia, India, China, and South Africa, had officially surpassed the G7 nations in GDP (PPP). Moreover, the development comes as the bloc of nations is hard at work developing their very own currency. Subsequently, to combat the international use of the US dollar An Emerging Market Century? The BRICS are a larger share of the Global economy than the G7. pic.twitter.com/AyEIx2TwTO — Richard Dias (@RichardDias_CFA) March 9, 2023 BRICS Presents Clear Challenge to US Dollar The rising efforts made by the BRICS nations to do away with the international dominance of the US dollar have been well documented. Subsequently, Brazil’s president, Luiz Inacio Lula da Silva, has recently spo...