China News Today TheBitTimes.com

BRICS member India finalized a major trade partnership with Nigeria on Friday switching away from the US dollar. Both countries will use local currencies in the bilateral trade agreement for energy, pharmaceuticals, and transport sectors. India and Nigeria have agreed to cooperate and settle trade in local currencies and not the US dollar. Also Read: BRICS: 20% of Oil Payments Settled in Local Currencies, Not US Dollar However, the local currency in question is yet to be finalized and could be either the India n Rupee or the Nigeria n Naira . The agreement comes at a time when BRICS is looking to uproot the US dollar as the world’s reserve currency. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. Also Read: BRICS: Economist Predicts One Final Rally Before the Markets Crash 50% BRICS: India & Nigeria To Trade in Local Currencies, Ditch US Dollar Soir...

BRICS member India is accused for the third time in a year of dumping US dollars to keep the Rupee from falling. The US dollar hammered the India n Rupee making it fall to an all-time low of 83.61 this week. However, the Rupee managed to reverse course after briefly rising against the US dollar and reached 83.50. Also Read: Where’s De-Dollarization? US Dollar Hammers Other Currencies in 2024 The spike in the rupee, insiders say, is not natural and might have involved ‘players’ to keep it from falling. The players in question might be the Reserve Bank of India (RBI), which helped keep the rupee from crashing against the US dollar. BRICS members India, China, and Russia have previously been called out for interfering in the currency markets. Also Read: BRICS: China & Iran Make Major Announcement BRICS: India Might Have Dumped US Dollars To Stop the Rupee’s Fall Source: compareremit.com BRICS countries have been intervening in the foreign exch...