Overview

Click to expand overview
In an attempt to reduce reliance on the US dollar and to internationalise the Indian rupee, the Reserve Bank of India (RBI) allowed invoicing and payments for international State-run banks reportedly dumped billions of US dollars to stabilize the rupee. Reuters confirmed these actions, citing traders who observed deliberate moves to cap BRICS member India is accused for the third time in a year of dumping US dollars to keep the rupee from falling. The US dollar hammered the Indian rupee making it fall to an all-time low of BRICS member India is accused of dumping billions worth of US dollars to keep their local currency Rupee from ending on a low. Reuters reported that the Reserve Bank BRICS member India is accused of dumping billions worth of US dollars to keep their local currency Rupee from. World One News Page: Monday

BRICS Traders Accuse India of Meddling in US Dollar-Rupee Exchange

Growing tensions within the BRICS economic alliance are surfacing as traders call out India for alleged interference in the US dollar-rupee exchange rate. Accusations center on the Reserve Bank of India (RBI) reportedly dumping billions of US dollars to artificially prop up the rupee and prevent it from hitting new lows. This intervention comes amid broader BRICS initiatives aimed at de-dollarization.

RBI\'s Intervention and Rupee Stabilization

For the third time in a year, BRICS member India is facing scrutiny for allegedly manipulating the currency market. Reuters, citing traders, confirmed that state-run banks had dumped substantial amounts of US dollars to stabilize the rupee. This action reportedly aimed to cap the rupee\'s decline, particularly as the US dollar hammered the Indian rupee, pushing it towards all-time lows.

BRICS De-dollarization Efforts and the Indian Rupee

While India actively participates in BRICS discussions on reducing reliance on the US dollar, these alleged interventions raise questions about the country\'s commitment to a free-floating currency and fair market practices. In an attempt to reduce reliance on the US dollar and to internationalise the Indian rupee, the Reserve Bank of India (RBI) allowed invoicing and payments for international trade in rupees. However, the recent accusations of dollar dumping cast a shadow over these efforts.

Reuters Report: Dollar Dumping Allegations

Reuters has reported that the Reserve Bank of India is accused of dumping billions worth of US dollars to keep their local currency Rupee from ending on a low. This report, citing traders observing deliberate moves, fuels the ongoing debate about the transparency and integrity of India\'s currency management.

The Impact on the Indian Rupee and BRICS Cooperation

The implications of these alleged actions extend beyond the immediate fluctuation of the rupee. Concerns are growing about the potential for undermining trust and cooperation within the BRICS alliance, especially as member nations explore alternative payment systems and trade agreements designed to bypass the US dollar. The Reserve Bank of India (RBI) allowed invoicing and payments for international State-run banks reportedly dumped billions of US dollars to stabilize the rupee. Reuters confirmed these actions, citing traders who observed deliberate moves to cap the rupee\'s depreciation.

Top Sources

Related Articles