2024

Future

Rupee

Billion

<div class="watcher-guru">
 <p>Forex investors are betting that 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> will rise in 2024 and the US dollar could begin to decline. Investors bet 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>’s <a rel="noopener noreferrer nofollow" title="Rupee" href="https://thebittimes.com/tag/rupee.html">Rupee</a> could break out of its narrow range making the US dollar head south. The <a rel="noopener noreferrer nofollow" title="USD" href="https://thebittimes.com/tag/usd.html">USD</a>-<a rel="noopener noreferrer nofollow" title="INR" href="https://thebittimes.com/tag/inr.html">INR</a> trading pair saw an exponential increase in volume in the first few trading days in January 2024. The volumes surged millions of dollars in <a rel="noopener noreferrer nofollow" title="Rupee" href="https://thebittimes.com/tag/rupee.html">Rupee</a> vs US dollar trading, and the direction of the trades is pointing towards the <a rel="noopener noreferrer nofollow" title="INR" href="https://thebittimes.com/tag/inr.html">INR</a> rising and the <a rel="noopener noreferrer nofollow" title="USD" href="https://thebittimes.com/tag/usd.html">USD</a> declining.</p>
 <p><strong>Also Read: <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a>: JP Morgan Predicts Future of the US Dollar Against Chinese Yuan</strong></p>
 <h2 class="wp-block-heading" id="h-brics-indian-rupee-to-rise-amp-us-dollar-might-dip-bet-currency-investors">BRICS: Indian Rupee To Rise &amp; US Dollar Might Dip, Bet Currency Investors</h2>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="689" src="https://cdn.thebittimes.com/images/2024/01/16/de5efdc4e93dd68d98c9e6147c3fe5ff.webp" alt="brics indian rupee us dollar" class="wp-image-120057" srcset="https://cdn.thebittimes.com/images/2024/01/16/de5efdc4e93dd68d98c9e6147c3fe5ff.webp 1024w, https://cdn.thebittimes.com/images/2024/01/16/de5efdc4e93dd68d98c9e6147c3fe5ff.webp 300w, https://cdn.thebittimes.com/images/2024/01/16/de5efdc4e93dd68d98c9e6147c3fe5ff.webp 768w, https://cdn.thebittimes.com/images/2024/01/16/de5efdc4e93dd68d98c9e6147c3fe5ff.webp 380w, https://cdn.thebittimes.com/images/2024/01/16/de5efdc4e93dd68d98c9e6147c3fe5ff.webp 550w, https://cdn.thebittimes.com/images/2024/01/16/de5efdc4e93dd68d98c9e6147c3fe5ff.webp 800w, https://cdn.thebittimes.com/images/2024/01/16/de5efdc4e93dd68d98c9e6147c3fe5ff.webp 1040w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Source: Bloomberg
  </figcaption>
 </figure>
 <p>The rise in bets comes after leading banks called clients to take long positions in the rupee against the US dollar, reported Reuters. BRICS member India is gaining the confidence of foreign exchange investors who believe the rupee could trample the US dollar. Offshore banks have advised clients to outright buy INR-USD trading pairs or use the Put options.</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><strong>Also Read: These 25 Countries Are Ready To Join BRICS in 2024</strong></p>
 <p>A Put option permits investors to sell the <a rel="noopener noreferrer nofollow" title="USD" href="https://thebittimes.com/tag/usd.html">USD</a>-<a rel="noopener noreferrer nofollow" title="INR" href="https://thebittimes.com/tag/inr.html">INR</a> pair at a particular rate called the strike price. The buyer pays a small amount as fees for the option and losses are limited to the premium paid. <strong>“Offshore, nearly all banks are calling on their clients to take long positions (on the <a rel="noopener noreferrer nofollow" title="Rupee" href="https://thebittimes.com/tag/rupee.html">Rupee</a>), whether via outright or put (<a rel="noopener noreferrer nofollow" title="USD" href="https://thebittimes.com/tag/usd.html">USD</a>/<a rel="noopener noreferrer nofollow" title="INR" href="https://thebittimes.com/tag/inr.html">INR</a>) optio</strong>ns,” said a Portfolio Manager at a Singapore-based hedge fund to Reuters.</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>
 <p>The development comes at a time when BRICS countries are looking to strengthen their local currency against the US dollar. BRICS is on a world tour convincing other developing nations to ditch the US dollar and trade in local currencies.</p>
 <p><strong>Also Read: BRICS Offers Bonds Worth $28 Billion in Local Currency, Not US Dollar</strong></p>
 <p>The BRICS alliance has been successful so far as a handful of countries are willing to settle cross-border transactions without depending on the US dollar. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar.</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>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-investors-bet-indian-rupee-will-rise-us-dollar-to-decline-tbt76699.html">https://thebittimes.com/brics-investors-bet-indian-rupee-will-rise-us-dollar-to-decline-tbt76699.html</a></p>

BRICS: Investors Bet Indian Rupee Will Rise, US Dollar To Decline

Table of Contents

TheBitTimes

Other articles published on Jan 16, 2024

Bitcoin Gearing Up For Recovery As Large Whales Stop Moving Old Coins

EU Tightens Anti-Money Laundering Rules For Crypto Firms To Tackle Illegal Activities

IMF Director Distinguishes Between Crypto Assets and Currency

990,000,000 Dogecoin Exchange Hands, DOGE Community Abuzz

Morgan Stanley Backs Stablecoins Against USD De-Dollarization

Will Polygon Reach $1 in 2024? Experts Reckon This Rival Token Priced at $0.08 Will Reach There B...

Join our free newsletter for daily crypto updates!