BRICS: Demand For the US Dollar Rises in Foreign Banks
The latest report from the Economic Times indicates that demand for the US dollar is rising in foreign banks despite the BRICS alliance aggressively pushing the de-dollarization agenda. The US dollar is gaining strength in the currency market as the DXY index reached an all-time high of 107.06. However, the USD is cooling down after hitting a peak and is currently trading at 106.55. Also Read: BRICS Countries Gain Influence Over G20 The BRICS agenda of toppling the US dollar is failing as their local currencies are reaching all-time lows. The Indian rupee has fallen to its lowest price point of 84.47 this week as the USD is strengthening in the charts. Even the RBI intervention failed to save the Indian rupee from crashing. The Chinese yuan has also fallen to a seven-month low against the greenback. Also Read: 4 New Countries Show Interest To Join BRICS Alliance BRICS: US Dollar Gains Demand in the Currency Market Source: Freepik.com The deprecation of local currencies is making foreig...