China News by Thebittimes.Com

Oil refiners around the world are now demanding the US dollar for payment settlements and not local currencies. The development helped push the DXY index to the 100.20 level in August for the first time in three months. The last time the DXY index fell below the 100 mark was in May 2025. It took more than three months for the currency to reach the triple-digit range in the indices. Also Read: De-Dollarization Rose Under Biden, It’s Dying Under Trump Source: TradingView The surge came after oil suppliers were persistent in demanding the US dollar from importers for settlements. The Indian rupee was the hardest hit as it dipped 2.7% in a month. The USD/INR trading pair shows the greenback dominating the charts since July. The rupee has fallen to a low of 87.70, displaying broader weakness in the indices. However, the rupee is up nearly 2.40% year-to-date. Source: Google Dollar Demand From Oil Companies Rises, Local Currencies Fall Source: OilPrice The strong US dollar inflows to oil refi...

Goldman Sachs analyst has provided a gloomy prediction for the US dollar as BRICS aims to topple the US dollar from the world’s reserve currency. The US dollar is the worst-performing currency in the forex markets as the DXY index dipped below the 100 mark. It hit a low of 98.06 after falling from a high of 109.40 early this year. The greenback has dipped nearly 9% year-to-date and eight out of nine leading currencies outperformed it in 2025. Also Read: BRICS Makes Huge Announcement On New Payment System Source: MarketWatch BRICS: Goldman Sachs on The US Dollar’s Future: ‘Weakness Is Here To Stay,’ Says Analyst Source: iStock Kamakshya Trivedi, Head of Global FX at Goldman Sachs said that the US dollar’s weakness is here to stay. Trivedi explained that the geopolitical winds have changed as emerging economies are now looking at their own benefits similar to how the US does on foreign policies. The Goldman Sachs analyst remains bearish on the US dollar as B...