Rupee

Yuan

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 <p>BRICS member India’s local currency the Rupee is falling to a new low on Monday against the US dollar. The Indian Rupee plummeted to 83.38 as the US dollar gained strength against all the BRICS local currencies this month. The Rupee is relentlessly experiencing a dip due to various factors including local and international financial pressure. Despite India’s thriving economy, the Rupee’s lackluster performance in the currency market is a cause of worry for the Modi administration.</p>
 <p><strong>Also Read: BRICS: De-Dollarization Gaining Steam in Developing Countries</strong></p>
 <figure class="wp-block-image size-full"><img decoding="async" width="464" height="683" src="https://cdn.thebittimes.com/images/2023/11/27/89643e9d565b4959fdad35ad35a09f8f.webp" alt class="wp-image-120059" srcset="https://cdn.thebittimes.com/images/2023/11/27/89643e9d565b4959fdad35ad35a09f8f.webp 464w, https://cdn.thebittimes.com/images/2023/11/27/89643e9d565b4959fdad35ad35a09f8f.webp 204w, https://cdn.thebittimes.com/images/2023/11/27/89643e9d565b4959fdad35ad35a09f8f.webp 380w" sizes="(max-width: 464px) 100vw, 464px">
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   Source: Google
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 <h2 class="wp-block-heading" id="h-brics-what-s-happening-with-the-us-dollar-and-the-indian-rupee">BRICS: What’s Happening With the US Dollar and the Indian Rupee?</h2>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="689" src="https://cdn.thebittimes.com/images/2023/11/27/de5efdc4e93dd68d98c9e6147c3fe5ff.webp" alt="brics indian rupee us dollar" class="wp-image-120057" srcset="https://cdn.thebittimes.com/images/2023/11/27/de5efdc4e93dd68d98c9e6147c3fe5ff.webp 1024w, https://cdn.thebittimes.com/images/2023/11/27/de5efdc4e93dd68d98c9e6147c3fe5ff.webp 300w, https://cdn.thebittimes.com/images/2023/11/27/de5efdc4e93dd68d98c9e6147c3fe5ff.webp 768w, https://cdn.thebittimes.com/images/2023/11/27/de5efdc4e93dd68d98c9e6147c3fe5ff.webp 380w, https://cdn.thebittimes.com/images/2023/11/27/de5efdc4e93dd68d98c9e6147c3fe5ff.webp 550w, https://cdn.thebittimes.com/images/2023/11/27/de5efdc4e93dd68d98c9e6147c3fe5ff.webp 800w, https://cdn.thebittimes.com/images/2023/11/27/de5efdc4e93dd68d98c9e6147c3fe5ff.webp 1040w" sizes="(max-width: 1024px) 100vw, 1024px">
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   Source: Bloomberg
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 <p>The <a rel="noopener noreferrer nofollow" title="Rupee" href="https://thebittimes.com/tag/rupee.html">Rupee</a>’s fall comes after leading global banks and traders were seen bidding for the US dollar and not the <a rel="noopener noreferrer nofollow" title="Rupee" href="https://thebittimes.com/tag/rupee.html">Rupee</a>. The move was most likely initiated on behalf of institutional and custodial clients of the global banks. The result led the <a rel="noopener noreferrer nofollow" title="Rupee" href="https://thebittimes.com/tag/rupee.html">Rupee</a> to become<strong> “sticky in the 5-10 paisa zone near 83.30”</strong> said a trader to Reuters.</p>
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 <p><strong>Also Read: <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a>: US Dollar Top Loser as Saudi Arabia Pays Chinese Yuan For Trade</strong></p>
 <p>The development isn’t limited to the <a rel="noopener noreferrer nofollow" title="Rupee" href="https://thebittimes.com/tag/rupee.html">Rupee</a> alone, as Asian currencies performed below expectations against the US dollar this quarter. <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> currencies like the Chinese Yuan, South African Rand, and Argentina’s Peso, among others, fell to new lows in Q4 of 2023.</p>
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 <p>The Rupee is expected to remain between its support and resistance level and most likely will not move strongly in both directions. <strong>“Broadly, the rupee is likely to stay rangebound but small depreciations can’t be ruled out,” </strong>said Dilip Parmar, a foreign exchange research analyst at HDFC Securities.</p>
 <p><strong>Also Read: <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a>: China, Russia &amp; India To Replace the US Dollar in Global Trade?</strong></p>
 <p>However, Nuvama Alternative &amp; Quantitative Research warned that the Indian equity markets could receive an inflow of $1.5 billion soon. The inflows are related to the rebalancing of the MSCI index and will be effective from November 30, 2023.</p>
 <p>The Rupee might trade higher in December next month after the rebalancing of $1.5 billion in the equity market. Therefore, BRICS member India’s only chance to outperform the US dollar could be in December 2023.</p>
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<div class="cs-entry__tags">
 <ul>
  <li>BRICS</li>
  <li>Rupee</li>
  <li>US DOLLAR</li>
 </ul>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/brics-why-is-the-indian-rupee-crashing-against-the-us-dollar-tbt71693.html">https://thebittimes.com/brics-why-is-the-indian-rupee-crashing-against-the-us-dollar-tbt71693.html</a></p>

BRICS: Why Is the Indian Rupee Crashing Against the US Dollar?

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