BRICS: India Aggressively Dumping the U.S. Dollar, Insiders Say
The U.S. dollar is rallying against the India n Rupee after reaching a high of INR 83.24 last week. India n authorities are worried that the USD ’s growth against the INR could hamper the import and export sectors in the subcontinent. In a surprising move, the Rupee rallied from 83.12 to 83.00 on Sept. 8 within a minute. This raised doubts that India might have a matching system in place. The foreign exchange markets rarely move this much in minutes, raising doubts about BRICS member India trying to limit the U.S. dollar’s growth. Also Read: BRICS: Saudi Arabia Will Become the Next Europe, Says MBS A trader told Reuters on the condition of anonymity that a large Indian state-run bank aggressively sold U.S. dollars in the international markets. The insider quipped that the sell-off might have been initiated on behalf of the Reserve Bank of India (Central Bank). The insider said that India does not want the U.S. dollar to close at a record high and, therefore, a...