BRICS: India Most Likely Getting Rid of the US Dollar
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 ...