BRICS: India Dumps Billions of US Dollars

BRICS subordinate India has erstwhile again been accused of dumping US dollars to support its section currency, the rupee (INR). The INR had plummeted to a lifetime low of 87.60 against the USD connected Monday successful the forex markets. The steep autumn sent jitters successful the markets making the Reserve Bank of India (RBI) intervene successful the forex sector. India has been accused of involution successful the currency markets to support the rupee from falling further.

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RBI directed state-run banks to merchantability US dollars successful the forex markets to halt the rupee’s decline, reported Reuters. This is not the archetypal clip that BRICS subordinate India has been accused of dumping US dollars. Last twelvemonth alone, India was accused of marketplace involution much than 4 times to support the rupee from falling. The inclination has continued successful 2025 raising questions astir transparency successful trade.

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BRICS: India Accused of Market Intervention After Selling Billions of US Dollars

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The latest study from Mint indicates that BRICS subordinate India has dumped billions worthy of US dollars this week. The monolithic sell-off made the rupee retrieve from a beingness debased of 87.60 connected Monday and reserve people to 86.90 connected Wednesday. The involution “is astonishing and has triggered a humor bath for longs (on USD/INR),” a trader astatine a backstage slope said to Reuters.

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Source: Google

The rupee’s emergence to 86.90 is attributed to marketplace involution from India. Billions of US dollars were sold by the BRICS subordinate to safeguard the rupee. State-run banks were directed to offload the currency from the RBI. “We enactment that the accentuated moves successful USD/INR witnessed lately person brought the currency to adjacent just value. However, fixed the unrelenting planetary uncertainties successful the adjacent term, we expect the unit connected INR to continue,” Kotak Mahindra Bank said successful a note.