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BRICS members China and India’s local currencies, the Yuan and Rupee, performed fairly better than the U.S. dollar. Read here to know why the Indian Rupee has Around 10 local currencies have outperformed the U.S. dollar this week including that of two BRICS countries. Also Read: Saudi Arabia To Attend BRICS Summit. The DXY index that About 10 local currencies have outperformed the US dollar this week, including both BRICS countries. Only the DXY index, which tracks the US dollar’s The prices of gold, commodities, Bitcoin, and the broader cryptocurrency market are rising while the USD is dipping. Around 10 local currencies have outperformed the U.S. dollar this week The long-term monetary goals of the BRICS bloc comprising Brazil, Russia, India, China, and South Africa, with new members such as Egypt, Iran, Ethiopia, and the UAE BRICS members view the US dollar as an obstacle to their economic growth. Reliance on the dollar exposes them to fluctuations in US monetary policy and The US dollar is losing ground in Europe, where companies now demand transactions in local currencies. European banks and financial institutions are increasingly

BRICS 10 Local Currencies Outperform the US Dollar This Week: What's Happening?

Around 10 local currencies have outperformed the U.S. dollar this week, signaling potential shifts in the global economic landscape. The long-term monetary goals of the BRICS bloc comprising Brazil, Russia, India, China, and South Africa, with new members such as Egypt, Iran, Ethiopia, and the UAE, are becoming increasingly relevant as the US dollar faces headwinds.

Specifically, BRICS members China and India’s local currencies, the Yuan and Rupee, performed fairly better than the U.S. dollar. Read here to know why the Indian Rupee has shown resilience. This isn't an isolated incident; the US dollar is losing ground in Europe, where companies now demand transactions in local currencies. European banks and financial institutions are increasingly considering alternatives.

Why Are BRICS Currencies Gaining Ground?

BRICS members view the US dollar as an obstacle to their economic growth. Reliance on the dollar exposes them to fluctuations in US monetary policy, creating economic instability. As a result, BRICS nations are actively seeking alternatives to de-dollarize their economies.

About 10 local currencies have outperformed the US dollar this week, including both BRICS countries. Only the DXY index, which tracks the US dollar’s strength against a basket of other major currencies, reflects this shift. The DXY index indicates a weakening dollar, creating opportunities for other currencies to rise.

Beyond BRICS: A Wider Trend of Dollar Decline

Around 10 local currencies have outperformed the U.S. dollar this week, pointing to a broader trend. The prices of gold, commodities, Bitcoin, and the broader cryptocurrency market are rising while the USD is dipping. This suggests investors are seeking assets that are less correlated with the US dollar.

The DXY index that measures the dollar's strength has been showing weakness, further supporting this trend. Also Read: Saudi Arabia To Attend BRICS Summit, which could further solidify these alternative economic strategies.

What Does This Mean for the Future?

The outperformance of around 10 local currencies this week, including those of BRICS nations, is a significant development. While the US dollar remains a dominant force in global finance, these trends suggest a gradual shift towards a more multipolar currency system. The continued rise of BRICS and their de-dollarization efforts will likely play a key role in shaping the future of the global economy.

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