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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...

The U.S. economy is on a slippery slope with tech giants laying off employees since January 2023. The cost of living, especially in the real-estate sector, both owning and renting a property remains unaffordable to the average American. While the U.S. dollar reigns supreme on the international stage as the global reserve currency, its status is challenged by the BRICS nations who plan to launch a new tender. Moreover, if BRICS currency becomes the only tender for cross-border transactions, it could deeply hurt the U.S. living standards. Also Read: Middle East Countries Look To Join BRICS Alliance BRICS Currency Threatens U.S. Living Standards Source: Unsplash The de-dollarization effect is seen as a phenomenon that’s spreading to new countries that are not part of BRICS. Arab nations, African countries, and other developing nations are eager to join BRICS and accept the new currency. Nonetheless, the U.S. dollar could take the back seat giving the BRICS currency more...

BRICS countries are leaving no stone unturned in making the U.S. dollar’s global reserve status erode in international trade settlements. China, Russia, and Brazil are moving at rapid speed to eliminate the USD’s global dominance and replace it with a new currency. Russian Foreign Minister, Sergey Lavrov landed in Brazil on Wednesday for a bilateral meeting and said in a press conference that Russia plans to build a “multipolar” financial world sidelining the United States. Also Read: BRICS Advancing To Eliminate U.S. Dollar Financial System Lavrov is on a Latin American tour and visits to Brazil, Venezuela, Nicaragua, and Cuba are on his schedule. During a meeting with Brazilian Minister of Foreign Affairs Mauro Vieira, Lavrov said that Russia and Brazil are collaborating to construct the vision for a “multipolar world” . The U.S. will have no power over the BRICS’ decision on plans to dominate the international trade arena. “Brazil and Russia have a single vision. We ...