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 <p>The USD vs INR trade reached an all-time high of 83.40 on Monday, making the Reserve Bank of India (RBI) much worried. BRICS member India most likely dumped US dollars in the currency markets to limit the damage done to the Rupee. The Central Bank is looking to curb losses in the Rupee and sold US dollars to keep it from falling further. While the majority of Asian currencies dipped, the Rupee managed to slightly rise in the charts due to the market intervention.</p>
 <p><strong>Also Read: BRICS: Analyst Predicts Biggest Economic Crash in US History</strong></p>
 <p>The RBI is indulging in market intervention to limit the <a rel="noopener noreferrer nofollow" title="Rupee" href="https://thebittimes.com/tag/rupee.html">Rupee</a>’s fall, said four traders to Reuters on the condition of anonymity. <a rel="noopener noreferrer nofollow" title="India" href="https://thebittimes.com/tag/india.html">India</a>’s Central Bank is most likely to <strong>“keep protecting,”</strong> the <a rel="noopener noreferrer nofollow" title="Rupee" href="https://thebittimes.com/tag/rupee.html">Rupee</a> at these levels, said a foreign exchange trader. The move helps the <a rel="noopener noreferrer nofollow" title="Rupee" href="https://thebittimes.com/tag/rupee.html">Rupee</a> to maintain a steady pace and not dip against the strong US dollar.</p>
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 <p><strong>Also Read: BRICS: $2 Billion Copper Trade To Be Paid In Chinese Yuan, Not US Dollar</strong></p>
 <h2 class="wp-block-heading" id="h-brics-india-indulging-in-market-intervention-to-protect-rupee-against-the-us-dollar">BRICS: India Indulging in Market Intervention To Protect Rupee Against the US Dollar</h2>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="802" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" alt="India USA Flags BRICS Currency GDP Economy" class="wp-image-100879 ewww_webp" sizes="(max-width: 1024px) 100vw, 1024px" data-src-img="https://cdn.thebittimes.com/images/2023/12/12/d381d26a88fd32cd234e15be2d942091.webp" data-src-webp="https://cdn.thebittimes.com/images/2023/12/12/d381d26a88fd32cd234e15be2d942091.webp.webp" data-srcset-webp="https://cdn.thebittimes.com/images/2023/12/12/d381d26a88fd32cd234e15be2d942091.webp.webp 1024w, https://cdn.thebittimes.com/images/2023/12/12/d381d26a88fd32cd234e15be2d942091.webp.webp 300w, https://cdn.thebittimes.com/images/2023/12/12/d381d26a88fd32cd234e15be2d942091.webp.webp 768w, https://cdn.thebittimes.com/images/2023/12/12/d381d26a88fd32cd234e15be2d942091.webp.webp 380w, https://cdn.thebittimes.com/images/2023/12/12/d381d26a88fd32cd234e15be2d942091.webp.webp 550w, https://cdn.thebittimes.com/images/2023/12/12/d381d26a88fd32cd234e15be2d942091.webp.webp 800w, https://cdn.thebittimes.com/images/2023/12/12/d381d26a88fd32cd234e15be2d942091.webp.webp 1040w" data-srcset-img="https://cdn.thebittimes.com/images/2023/12/12/d381d26a88fd32cd234e15be2d942091.webp 1024w, https://cdn.thebittimes.com/images/2023/12/12/d381d26a88fd32cd234e15be2d942091.webp 300w, https://cdn.thebittimes.com/images/2023/12/12/d381d26a88fd32cd234e15be2d942091.webp 768w, https://cdn.thebittimes.com/images/2023/12/12/d381d26a88fd32cd234e15be2d942091.webp 380w, https://cdn.thebittimes.com/images/2023/12/12/d381d26a88fd32cd234e15be2d942091.webp 550w, https://cdn.thebittimes.com/images/2023/12/12/d381d26a88fd32cd234e15be2d942091.webp 800w, https://cdn.thebittimes.com/images/2023/12/12/d381d26a88fd32cd234e15be2d942091.webp 1040w" data-eio="j">
  <noscript><img decoding="async" width="1024" height="802" src="https://cdn.thebittimes.com/images/2023/12/12/d381d26a88fd32cd234e15be2d942091.webp" alt="India USA Flags BRICS Currency GDP Economy" class="wp-image-100879" srcset="https://cdn.thebittimes.com/images/2023/12/12/d381d26a88fd32cd234e15be2d942091.webp 1024w, https://cdn.thebittimes.com/images/2023/12/12/d381d26a88fd32cd234e15be2d942091.webp 300w, https://cdn.thebittimes.com/images/2023/12/12/d381d26a88fd32cd234e15be2d942091.webp 768w, https://cdn.thebittimes.com/images/2023/12/12/d381d26a88fd32cd234e15be2d942091.webp 380w, https://cdn.thebittimes.com/images/2023/12/12/d381d26a88fd32cd234e15be2d942091.webp 550w, https://cdn.thebittimes.com/images/2023/12/12/d381d26a88fd32cd234e15be2d942091.webp 800w, https://cdn.thebittimes.com/images/2023/12/12/d381d26a88fd32cd234e15be2d942091.webp 1040w" sizes="(max-width: 1024px) 100vw, 1024px">
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 <p>This isn’t the first time that <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> has been accused of market intervention in the currency markets. <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> country <a rel="noopener noreferrer nofollow" title="India" href="https://thebittimes.com/tag/india.html">India</a> is accused of aggressively dumping the US dollar in September this year to safeguard the <a rel="noopener noreferrer nofollow" title="Rupee" href="https://thebittimes.com/tag/rupee.html">Rupee</a>. Insiders told Reuters that an <a rel="noopener noreferrer nofollow" title="India" href="https://thebittimes.com/tag/india.html">India</a>n state-run bank dumped U.S. dollars in the international markets.</p>
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 <p><strong>“The RBI seems determined to keep <a rel="noopener noreferrer nofollow" title="INR" href="https://thebittimes.com/tag/inr.html">INR</a> away from a record low, but given global conditions, the pressure may persist,”</strong> he said. The US dollar is trading above all <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> currencies and the alliance is worried about their downturn. The dollar’s rise comes even after <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> tried to contain its growth by launching new de-dollarization initiatives.</p>
 <p><strong>Also Read: Gold Prices Could Reclaim $2,100 Levels in Q2 of 2024: Analyst</strong></p>
 <p>The current development shows that the US dollar has more strength globally than previously thought. If the markets recover and reach greener pastures, then BRICS might find it hard to stop the US dollar’s growth.</p>
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<div class="cs-entry__tags">
 <ul>
  <li>BRICS</li>
  <li>India</li>
  <li>INR</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-likely-dumped-us-dollars-to-limit-the-rupee-s-loss-tbt73431.html">https://thebittimes.com/brics-india-likely-dumped-us-dollars-to-limit-the-rupee-s-loss-tbt73431.html</a></p>

BRICS: India Likely Dumped US Dollars To Limit the Rupee’s Loss

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