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BRICS member Russia confirmed that it has settled 80% of trade with its neighboring country Kazakhstan in local currencies and not the US dollar. Russian President Vladimir Putin confirmed the development saying that both nations have agreed to strengthen their trade ties. Also Read: BRICS Moving Away From the De-Dollarization Agenda “The problem is and partly remains but we have already transferred more than 80% of all settlements to national currencies. From my point of view, everything should be done to strengthen our ties,” said Putin. Russia is advancing the BRICS de-dollarization initiative to its neighboring countries by putting the US dollar behind local currencies. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. Local currencies will strengthen in the forex markets and give developing countries a boost in the arm. This puts the US dollar’s hegemony at risk as emerging economies are looking to topple it as t...

The forex markets are throwing surprises in October , as Malaysia’s local currency, the ringgit, outperformed the US dollar on Monday. The decline in the US dollar comes as traders hold weak sentiments, reassessing their stance on the Fed’s interest rate cuts. An economist noted that forex traders possibly believe the Federal Reserve could take more time to reduce interest rates again . Also Read: BRICS: India Makes Major Announcement On U.S. Dollar Usage Source: Forbes This is adding pressure on the US dollar , strengthening local currencies in the charts this month. The Malaysian ringgit stood at 4.2150/2240 against the US dollar on Monday as the currency marginally traded higher. The DXY index, which tracks the performance of the US dollar, shows the currency dipping into the 102.4 price range. The USD traded a bit higher last month at around 102.75 . Also Read: UAE Slashes VAT on Crypto Transfers – Explore What It Means for You Malaysia’s Ringgit Beats the US Dolla...

The dreams of a de-dollarization world kick-started by developing countries in 2024 remain just that, a dream. The US dollar outperformed all local currencies this year despite facing challenges from developing economies. The DXY index, which measures the performance of the USD shows it climbing above the 106.80 range in April this month. That’s a surge of 5% since the start of the year when it dipped to a dangerous low of 101.20. Also Read: Russia to Double Its Oil & Gas Revenue, Pocket $14 Billion in April Source: MarketWatch The Might of the US Dollar in Full Display Against Local Currencies in 2024 Source: scmp.com / Shutterstock The US dollar hammered all leading local currencies including the Pound Sterling, Chinese Yuan , Japanese Yen, and Indian Rupee . The yuan,  yen , and Rupee looked to throttle the USD in the currency market and come out on top. However, the USD came triumphant outshining all three this year...