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BRICS members Russia and Iran announced that they have officially abandoned the US dollar for trade between the two nations. Russia reported that 96% of all cross-border transactions between Iran have been settled in local currencies, the ruble and rial. In 2024, the usage of local currencies between Russia and Iran is up by 12.4%, making 96% of all settlements. Also Read: BRICS Determined to Trade In Local Currencies, Not US Dollar “We (BRICS members Iran and Russia) have entered into a currency agreement with Russia and fully removed the US dollar. Now we only trade in rubles and rials,” said the Governor of the Central Bank of the Islamic Republic, Mohammad Reza Farzin. However, both nations face sanctions as the White House has made it difficult to accept the US dollar. In July this year, both the BRICS countries agreed to a currency swap policy signed by the Russian and Iranian central banks. They also completed the integration of Russia’s Mir payment as a replacement ...

The Indian rupee is weaker as the US dollar strengthens in the currency markets. The INR is close to falling to the 84 mark, as its price is currently hovering at 83.94. A new report suggests that the Reserve Bank of India (RBI) has intervened in the currency markets to keep the INR from crashing against the USD. Also Read: HBO Documentary Claims Peter Todd is Bitcoin creator Satoshi Nakamoto Market participants said on the condition of anonymity that the RBI has likely intervened via non-deliverable forwards (NDF). The RBI also leveraged the local spot and currency futures markets to keep the rupee from falling against the US dollar. All these moves from the RBI prevented the INR from dipping below the 84 level. Source: Bloomberg / Business Standard Research Traders believe the rupee might not fall below 84 against the USD in the short term as the RBI is actively monitoring the developments. The timely RBI interventions prevent the INR from further dips against the US dollar in the cu...