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US President Donald Trump imposed 25% tariffs on India, accusing it of indulging in anti-American activities. Trump also imposed a penalty on India for buying Russian crude oil and military equipment despite the sanctions. The US President is coming down hard on BRICS, especially India, accusing them of advancing de-dollarization by putting the rupee ahead for trade and transactions. Even before Trump imposed 25% tariffs, India had been closely working to allow nearly 30 countries, including BRICS members, to settle payments in the rupee through the special Vostro bank accounts. The Reserve Bank of India (RBI) recently lifted the cap on Vostro accounts investments to push the rupee-denominated trade, according to a recent report from Reuters. Also Read: Trump’s 25% Tariff on India Puts BRICS Unity to the Ultimate Test BRICS Strategy: 30 Countries Allowed to Settle Payment With India in the Rupee Source: FinancialExpress.com BRICS member India is aiming to internationalize the rupee wit...

In a recent development, the US dollar has emerged as the ultimate winner in a clash against notable currencies. The US dollar has risen against many leading currencies, notably the Chinese Yuan , Japanese Yen , and Indian Rupee , proving its mettle and might as the chief global currency.  The emergence of the dollar’s prominence on a global scale denotes its lasting legacy and the faith that consumers have projected in the currency. Amid calls for de-dollarization and “dollar ditching,” the latest geopolitical tensions have pivoted investors to take refuge in gold and USD as a hedge during stark economic meltdowns.  Also Read: 3 Reasons Why Other Countries Are Ditching the US Dollar  US Dollar Rises: Yuan, Yen, and Rupee Falls: What Happened? Source: thuancapital.com On Wednesday morning (IST), the DXY index tracking the strength of the US dollar portrayed USD hovering at 106.36. USD was up by a notable 0.10%. The dollar is now projecting green as oth...

The US dollar reigned supreme as it outperformed GOLD , local currencies, crude and Brent oil, and other commodities all in a day’s trade. The DXY index shows the US dollar climbing above the 104 threshold trampling over the broader commodities market. Gold prices, crude oil , Brent oil, local currencies, and the overall commodity market turned red on Wednesday except for the US dollar, which steadily scaled up in the charts. Also Read: Goldman Sachs Predicts the Future of the Cryptocurrency Market 1. US Dollar Beats Gold The US dollar strengthened ahead of the FOMC meeting on Wednesday causing GOLD prices to nosedive in the XAU/USD charts. The slump in GOLD prices is due to the Federal Reserve maintaining its stance of a prolonged high-interest rate. Simultaneously, the development boosted the US Treasury bond yields putting the dollar on a pedestal. Gold prices fell to the $2,150 mark today and could dip further as the US dollar grows stronger. Also Read: Gold Pr...