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 <p>BRICS member Russia recently dumped local currencies the Ruble and Chinese Yuan to take on the US dollar. Surprisingly, the gamble paid off as the Ruble outperformed the US dollar this week in the forex markets. Despite the White House pressing sanctions on Russia, the BRICS member is bypassing the US punitive actions and coming out on top.</p>
 <p><strong>Also Read: BRICS: GDP in Purchasing Power Parity To Reach 45% Of World’s Economy</strong></p>
 <p>The US dollar rate fell to a low of 91.96 Rubles on Thursday but opened slightly positive on Friday at 92.09 Rubles. This is a stark dip as the US dollar traded at 100.30 Rubles a month ago and is down by 8 points in 30 days. Therefore, the Russian Ruble is outperforming the US dollar in the currency market this month despite the sanctions.</p>
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 <figure class="wp-block-image size-full"><img decoding="async" width="588" height="744" src="https://cdn.thebittimes.com/images/2023/11/12/44e59549389408233cbd9331d435bbda.webp" alt class="wp-image-118661" srcset="https://cdn.thebittimes.com/images/2023/11/12/44e59549389408233cbd9331d435bbda.webp 588w, https://cdn.thebittimes.com/images/2023/11/12/44e59549389408233cbd9331d435bbda.webp 237w, https://cdn.thebittimes.com/images/2023/11/12/44e59549389408233cbd9331d435bbda.webp 380w, https://cdn.thebittimes.com/images/2023/11/12/44e59549389408233cbd9331d435bbda.webp 550w" sizes="(max-width: 588px) 100vw, 588px">
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   Source: Yahoo Finance
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 <p>The US sanctions against <a rel="noopener noreferrer nofollow" title="Russia" href="https://thebittimes.com/tag/russia.html">Russia</a> seem to be ineffective as the <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> member is cleverly playing its cards to sustain its economy. So how did <a rel="noopener noreferrer nofollow" title="Russia" href="https://thebittimes.com/tag/russia.html">Russia</a> manage to make its currency come out on top of the US dollar? In this article, we will explain the steps on how <a rel="noopener noreferrer nofollow" title="Russia" href="https://thebittimes.com/tag/russia.html">Russia</a> made the <a rel="noopener noreferrer nofollow" title="Ruble" href="https://thebittimes.com/tag/ruble.html">Ruble</a> rise against the US dollar.</p>
 <p><strong>Also Read: <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a>: Developing Countries Need To Repay China $1.1 Trillion</strong></p>
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 <h2 class="wp-block-heading" id="h-brics-russia-outperforms-us-dollar-by-dumping-yuan-amp-ruble-currencies">BRICS: Russia Outperforms US Dollar By Dumping Yuan &amp; Ruble Currencies</h2>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="604" src="https://cdn.thebittimes.com/images/2023/11/12/cecaf4193e4809b82fb076252b25f416.webp" alt="us dollar russia ruble usd currency bills brics" class="wp-image-118656" srcset="https://cdn.thebittimes.com/images/2023/11/12/cecaf4193e4809b82fb076252b25f416.webp 1024w, https://cdn.thebittimes.com/images/2023/11/12/cecaf4193e4809b82fb076252b25f416.webp 300w, https://cdn.thebittimes.com/images/2023/11/12/cecaf4193e4809b82fb076252b25f416.webp 768w, https://cdn.thebittimes.com/images/2023/11/12/cecaf4193e4809b82fb076252b25f416.webp 1536w, https://cdn.thebittimes.com/images/2023/11/12/cecaf4193e4809b82fb076252b25f416.webp 380w, https://cdn.thebittimes.com/images/2023/11/12/cecaf4193e4809b82fb076252b25f416.webp 550w, https://cdn.thebittimes.com/images/2023/11/12/cecaf4193e4809b82fb076252b25f416.webp 800w, https://cdn.thebittimes.com/images/2023/11/12/cecaf4193e4809b82fb076252b25f416.webp 1160w, https://cdn.thebittimes.com/images/2023/11/12/cecaf4193e4809b82fb076252b25f416.webp 1920w" sizes="(max-width: 1024px) 100vw, 1024px">
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   Source: Reuters / Dado Ruvic /
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 <p>BRICS country Russia aggressively initiated buying and selling of local currencies Ruble and Chinese Yuan in the forex market. The Central Bank of Russia initiated large amounts of ‘buy’ and ‘sell’ of currencies in the domestic market on Tuesday.</p>
 <p><strong>Also Read: <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a>: Dangers Emerge for Import-Export Sector as US Dollar Rises</strong></p>
 <p>The regulator exchanged currencies in the Moscow Exchange section and sold tenders worth 0.8 billion Rubles. The first settlement commenced on November 2, 2023, which is equivalent to $8.7 million in Ruble and Yuan set.</p>
 <p>The volume of the currencies sold by the Central Bank of Russia also amounted to the same 0.8 billion Rubles or USD 8.7 million the next day. The Central Bank used resources from the National Wealth Fund to operate in the currency market, according to reports from Tass.</p>
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 <p>It is reported that Russia is initiating big amounts of ‘buy’ and ‘sell’ to keep the Ruble trading in large numbers in the currency market. The move is helping the BRICS country to contain the US dollar growth in the forex market.</p>
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<div class="cs-entry__tags">
 <ul>
  <li>BRICS</li>
  <li>Ruble</li>
  <li>Russia</li>
  <li>US DOLLAR</li>
  <li>Yuan</li>
 </ul>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/brics-russia-outperforms-us-dollar-by-dumping-yuan-ruble-currencies-tbt70004.html">https://thebittimes.com/brics-russia-outperforms-us-dollar-by-dumping-yuan-ruble-currencies-tbt70004.html</a></p>

BRICS: Russia Outperforms US Dollar by Dumping Yuan & Ruble Currencies

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