Reserve

Bank AI

Rupee

Yuan

Read

<div class="watcher-guru"> 
 <p>The U.S. dollar is rallying against the <a rel="noopener noreferrer nofollow" title="India" href="https://thebittimes.com/tag/india.html">India</a>n <a rel="noopener noreferrer nofollow" title="Rupee" href="https://thebittimes.com/tag/rupee.html">Rupee</a> after reaching a high of INR 83.24 last week. <a rel="noopener noreferrer nofollow" title="India" href="https://thebittimes.com/tag/india.html">India</a>n authorities are worried that the <a rel="noopener noreferrer nofollow" title="USD" href="https://thebittimes.com/tag/usd.html">USD</a>’s growth against the INR could hamper the import and export sectors in the subcontinent. In a surprising move, the <a rel="noopener noreferrer nofollow" title="Rupee" href="https://thebittimes.com/tag/rupee.html">Rupee</a> rallied from 83.12 to 83.00 on Sept. 8 within a minute. This raised doubts that <a rel="noopener noreferrer nofollow" title="India" href="https://thebittimes.com/tag/india.html">India</a> might have a matching system in place. The foreign exchange markets rarely move this much in minutes, raising doubts about <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> member <a rel="noopener noreferrer nofollow" title="India" href="https://thebittimes.com/tag/india.html">India</a> trying to limit the U.S. dollar’s growth.</p> 
 <p><strong>Also Read: BRICS: Saudi Arabia Will Become the Next Europe, Says MBS</strong></p> 
 <p>A trader told Reuters on the condition of anonymity that a large Indian state-run bank aggressively sold U.S. dollars in the international markets. The insider quipped that the sell-off might have been initiated on behalf of the Reserve Bank of India (Central Bank).</p> 
 <div class="quads-location quads-ad33739 " id="quads-ad33739" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;"> 
  <div class="publift-ad add"> 
   <div data-fuse="22560828227"></div> 
  </div> 
 </div> 
 <p>The insider said that India does not want the U.S. dollar to close at a record high and, therefore, aggressively sold USD. <strong>“The RBI seems determined to keep INR away from a record low, but given global conditions, the pressure may persist,”</strong> Reuters quoted the trader.</p> 
 <p><strong>Also Read: <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a>: What Happens if Saudi Arabia Stops Accepting US Dollar for Oil?</strong></p> 
 <div class="quads-location quads-ad15192 " id="quads-ad15192" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;"> 
  <div id="primisContainer" class="add"></div> 
 </div> 
 <h2 class="wp-block-heading" id="h-brics-india-amp-china-worried-about-the-rising-u-s-dollar">BRICS: India &amp; China Worried About the Rising U.S. Dollar</h2> 
 <figure class="wp-block-image size-full"> 
  <img decoding="async" width="895" height="503" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" alt="China Xi Jingpin India Narendra Modi" class="wp-image-88320 ewww_webp" sizes="(max-width: 895px) 100vw, 895px" data-src-img="https://cdn.thebittimes.com/images/2023/09/11/edbc96707e6ea5db31379e9398c1ad18.webp" data-src-webp="https://cdn.thebittimes.com/images/2023/09/11/edbc96707e6ea5db31379e9398c1ad18.webp.webp" data-srcset-webp="https://cdn.thebittimes.com/images/2023/09/11/edbc96707e6ea5db31379e9398c1ad18.webp.webp 895w, https://cdn.thebittimes.com/images/2023/09/11/edbc96707e6ea5db31379e9398c1ad18.webp.webp 300w, https://cdn.thebittimes.com/images/2023/09/11/edbc96707e6ea5db31379e9398c1ad18.webp.webp 768w, https://cdn.thebittimes.com/images/2023/09/11/edbc96707e6ea5db31379e9398c1ad18.webp.webp 380w, https://cdn.thebittimes.com/images/2023/09/11/edbc96707e6ea5db31379e9398c1ad18.webp.webp 550w, https://cdn.thebittimes.com/images/2023/09/11/edbc96707e6ea5db31379e9398c1ad18.webp.webp 800w" data-srcset-img="https://cdn.thebittimes.com/images/2023/09/11/edbc96707e6ea5db31379e9398c1ad18.webp 895w, https://cdn.thebittimes.com/images/2023/09/11/edbc96707e6ea5db31379e9398c1ad18.webp 300w, https://cdn.thebittimes.com/images/2023/09/11/edbc96707e6ea5db31379e9398c1ad18.webp 768w, https://cdn.thebittimes.com/images/2023/09/11/edbc96707e6ea5db31379e9398c1ad18.webp 380w, https://cdn.thebittimes.com/images/2023/09/11/edbc96707e6ea5db31379e9398c1ad18.webp 550w, https://cdn.thebittimes.com/images/2023/09/11/edbc96707e6ea5db31379e9398c1ad18.webp 800w" data-eio="j"> 
  <noscript> 
   <img decoding="async" width="895" height="503" src="https://cdn.thebittimes.com/images/2023/09/11/edbc96707e6ea5db31379e9398c1ad18.webp" alt="China Xi Jingpin India Narendra Modi" class="wp-image-88320" srcset="https://cdn.thebittimes.com/images/2023/09/11/edbc96707e6ea5db31379e9398c1ad18.webp 895w, https://cdn.thebittimes.com/images/2023/09/11/edbc96707e6ea5db31379e9398c1ad18.webp 300w, https://cdn.thebittimes.com/images/2023/09/11/edbc96707e6ea5db31379e9398c1ad18.webp 768w, https://cdn.thebittimes.com/images/2023/09/11/edbc96707e6ea5db31379e9398c1ad18.webp 380w, https://cdn.thebittimes.com/images/2023/09/11/edbc96707e6ea5db31379e9398c1ad18.webp 550w, https://cdn.thebittimes.com/images/2023/09/11/edbc96707e6ea5db31379e9398c1ad18.webp 800w" sizes="(max-width: 895px) 100vw, 895px"> 
  </noscript> 
  <figcaption class="wp-element-caption">
    Source: HindustanTimes.com 
  </figcaption> 
 </figure> 
 <p>BRICS member India is not the only country that is trying to halt the growth of the U.S. dollar. Its BRICS counterpart, China, is using different tactics to limit the U.S. dollar’s growth against the Chinese Yuan. The move comes as the BRICS alliance is looking to promote local currencies by sidelining the U.S. dollar for trade.</p> 
 <p><strong>Also Read: BRICS: Top Oil Trader Predicts Future of the U.S. Dollar</strong></p> 
 <p>China announced a new rule that its financial institutions must hold foreign currency deposits by a third only. China aimed to limit the use of the U.S. dollar against the Chinese Yuan in global markets. In addition, Japan is looking to counter the U.S. dollar by finding means to stop its growth against the Yen. Read here to know what ideas Japan is coming up with to stop the U.S. dollar from rallying.</p> 
 <div class="quads-location quads-ad33742 " id="quads-ad33742" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;"> 
  <div class="publift-ad add"> 
   <div data-fuse="22560828233"></div> 
  </div> 
 </div> 
 <p></p> 
</div> 
<div class="cs-entry__tags"> 
 <ul> 
  <li>BRICS</li> 
  <li>India</li> 
  <li>Rupee</li> 
  <li>US DOLLAR</li> 
  <li>USD</li> 
 </ul> 
</div> 
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/brics-india-aggressively-dumping-the-u-s-dollar-insiders-say-tbt62293.html">https://thebittimes.com/brics-india-aggressively-dumping-the-u-s-dollar-insiders-say-tbt62293.html</a></p>

BRICS: India Aggressively Dumping the U.S. Dollar, Insiders Say

Table of Contents

TheBitTimes

Other articles published on Sep 11, 2023

600 Ether from phishing exploit deposited into Tornado Cash

Gak Bahaya Ta? JPMorgan Ramalkan Bitcoin Halving Bisa Pengaruhi Cuan Miner

Crypto Can Be Hot Topic For Presidential Election 2024: Coinbase CEO

Bidding Deadline, Relaunch Plans for FTX 2.0 Revealed

Airdrop hunter made over 21k Sybil wallets to fake on-chain activity

BitBoy starts anew as Ben

Join our free newsletter for daily crypto updates!