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The U.S. dollar has outperformed all the 11 BRICS currencies in the last 3 months in the forex markets. BRICS is looking to dethrone the U.S. dollar as the world’s reserve currency by putting their local currencies forward for trade. Despite initiating multiple efforts to take on the U.S. dollar, BRICS currencies are ending at a low against the USD. The U.S. dollar not only outperformed BRICS currencies, but also surpassed gold, oil, and other commodities in the international markets. Also Read: Iraq Ready To Join BRICS After Banning Cash Withdrawals in US Dollar U.S. Dollar Surpasses All 11 BRICS Currencies in 3 Months Source: thuancapital.com The U.S. dollar reigned supreme as it surpassed all the 11 BRICS currencies in the last three months. The BRICS currencies ended at new lows against the USD despite the bloc attempting to contain the dollar’s growth. The development highlights the power of the USD against the other local currencies in the foreign exchange marke...

The BRICS alliance is advancing by putting local currencies at the forefront of global trade, not the US dollar. The newly joined members of the bloc, Saudi Arabia and the UAE are partnering with existing members India, China, and Russia to settle oil trade in local currencies. First and foremost, India purchased 1 million barrels of oil from the UAE and settled the transaction with the Rupee. The Indian Oil Corporation (IOC) initiated the payment in Rupees with the UAE’s National Oil Company (ADNOC). Also Read: U.S. Has More Gold in Reserves Than All of BRICS Combined Secondly, India initiated another trade deal by purchasing gold worth $1.7 million from the UAE. All the deals between the two BRICS members occurred in mid-August of this year. Thirdly, India and Saudi Arabia are discussing ways to conduct business without the US dollar. India and Saudi Arabia have initiated talks to settle trade in local currency, ending their reliance on the US dollar. It is reported t...