Features News Daily TheBitTimes.com

The writing is on the wall, the world is less inclined to use the US dollar hereafter. While the US dollar’s exorbitant privilege persists, the symbolism from the BRICS alliance throws shade on the greenback. BRICS members India and Russia are paying for oil deals in the rupee, while China and Brazil are settling soybean exchanges in the Chinese yuan. The shift is glaring, and the bloc is willingly pushing local currencies to the forefront, giving the US dollar a miss. The bloc discussed grain exchange policies to boost trade ties in the grains and agricultural sector in September. Local currencies were prominently pushed forward for settlements, putting the US dollar out of the equation. Russia and India held constructive meetings on Friday, signing major agriculture deals benefiting both countries. BRICS members China and Brazil inked trade deals for soybeans, and the transactions will be settled in the Chinese yuan, while India and Russia’s deal will be settled in the rup...

BRICS member India is accused of dumping billions worth of US dollars to keep their local currency Rupee from ending on a low. Reuters reported that the Reserve Bank of India (RBI) directed a state-run bank to sell the US dollar in the foreign exchange markets to keep the Rupee from falling. Large-scale dumping of the US dollar tilted the balance of the USD in favor of INR, accused forex traders. Read here to know how much BRICS member India aggressively sold US dollars to keep the Rupee in a favorable position. Also Read: BRICS : Malaysia Advancing To Eliminate U.S. Dollar Financial System In a recent update, foreign exchange traders are puzzled as to why India is intervening in the international currency markets. For the uninitiated, India is not the only country that stepped forward to defend its local currency. BRICS member China placed curbs on companies dealing with the US dollar and limited their ability to trade. Moreover, The move puts the Yuan a step ahead of the US d...