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Russia’s Foreign Minister, Sergey Lavrov confirmed that BRICS has paid more than 65% of trade settlements among member countries in local currencies and not the US dollar. Only around one-third of all trade payments were settled in the US dollar, the minister added. The greenback is declining while local currencies are filling in the void in the forex markets. Also Read: 24 Countries Formally Apply To Join BRICS Alliance in 2025 The significant drop in the usage of the US dollar is alarming as BRICS is primarily using local currencies for cross-border transactions. The US dollar stands at a pivotal time in history where its dominance is being challenged by developing countries. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. Also Read: Russia Provides Major Update on BRICS Currency Launch BRICS: 65% of Trade Among Members Settled in Local Currencies Source: iStock The dollar’s share in trade settlements is dropping massive...

BRICS member India’s local currency rupee is facing heavy pressure from the US dollar in the forex markets in 2025. The INR dipped to an all-time low of 86.65 on Monday and was close to falling to a lifetime low of 87. However, the local currency managed to break the downward spell and briefly surged to 86.46 on Thursday’s opening bell. Also Read: BRICS: Russia & Myanmar to Trade In Local Currency, Ditch US Dollar Source: Google India is accused of intervention in the currency markets to keep the rupee from crashing against the USD. Reuters reported that the Reserve Bank of India (RBI) directed state-run banks to dump billions worth of US dollars in the currency market to keep the rupee from falling. This is not the first time that BRICS member India has been accused of market intervention to safeguard the rupee. The country most likely intervened thrice in 2024 and twice in 2025 to protect the rupee from sliding. The BRICS country’s local currency brief correction on ...