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The US Commerce Secretary, Howard Lutnick, said that the United States could reach a trade agreement soon with New Delhi. Lutnick touched upon various pain points between the two nations and suggested that India should scale back its involvement in BRICS and maintain cordial business relations with the US. He said that India rubbed the US the wrong way after buying military equipment from its BRICS counterpart, Russia. “There were certain things that the Indian government did that generally rubbed the United States the wrong way. For instance, generally buying your military gear from Russia,” he said. To mend things, he said that the Modi government is now buying military arms from the US. “So I think India is starting to move towards buying military equipment from the United States, which then goes a long way,” he added. Also Read: BRICS: Morgan Stanley Bets the US Dollar To Decline BRICS: US Urges India To Open Up Their Markets: ‘We Want Access to Business and Finance’ S...

Despite ongoing de-dollarization efforts instituted by the global south, the US dollar has continued its ascent to start the year, with the development being bad news for the BRICS bloc in 2025. Indeed, key alliance nations like China and India have specifically suffered from the continued strengthening of the greenback. The global economy is now observing whether or not its continued increase in value can continue over the course of the next 12 months. Moreover, with US President-elect Donald Trump’s 100% tariff warning looming, how committed to de-dollarization the BRICS alliance remains to be seen. Source: Getty Images Also Read: BRICS Fail to Challenge US Dollar in 2024: Can They This Year? BRICS Get Harsh Reality in 2025: US Dollar Continues to Strengthen Over the last two years, the BRICS bloc has embraced de-dollarization like never before. With sanctions implemented by the West in 2022, the bloc has sought to challenge the region’s hegemony by embracing trade in loca...

BRICS member India is likely dumping the U.S. dollar in the forex markets to safeguard the rupee from falling, reported Reuters. The Indian rupee reached an all-time low of 85.96 on January 1, 2025, as the U.S. dollar strengthened. The development ruffled a lot of feathers in the Indian markets as the imports and exports sector took a hit. The Reserve Bank of India (RBI) directed state-run banks to dump millions worth of U.S. dollars to protect the rupee. Also Read: India Rejecting BRICS Currency On the direction of the RBI, state-run banks offloaded their U.S. dollar reserves to limit the damage to the rupee. The RBI is likely keeping a close tab on the development and is interfering in the currency markets. This is not the first time that BRICS member India has sold the USD to save the rupee, it has been accused several times of dumping the U.S. dollar. The RBI is “likely keeping a check on any sharp declines,” said a currency trader on the condition of anonymity. The sta...

BRICS member India is most likely dumping millions of US dollar from its reserves to keep the rupee from falling. The Indian rupee touched a low of 84.13 on Tuesday, and the development is worrying the Reserve Bank of India (RBI). Reuters reported that the RBI is likely selling the US dollar worth millions in the currency markets to stop the rupee’s fall. Not just India, several BRICS countries have been accused of selling the US dollars to keep their local currency from falling. Also Read: BRICS: Shipping Firm Pays $8 Billion in Chinese Yuan, Ditch US Dollar Sources close to the development said on the condition of anonymity that India’s central bank does not want the rupee to fall below 84.15. A trader from a private bank said, “It’s quite unlikely” that RBI will allow the rupee to dip below 84.15. BRICS countries have been previously accused of interfering in the currency markets to prevent the US dollar from rising against the local currencies. Also Read: BRICS: JP Morgan Predicts...

Eight persons, including four law enforcement officers , were arrested by India’s special invest igation team (SIT) in connection to a massive crypto currency fraud scheme dating back to 2018. Detainment of these individuals brought the total arrest tally to 18 as authorities continued to investigate a $300 million crypto scam that affected some 5,000 government employees and around 1,000 police staffers.  Mukesh Agnihotri, deputy chief minister of Indian state Himachal Pradesh, told the public to expect more arrests in connection to the illegal operation which raked in millions from victims spanning several years. Multiple victims reportedly lodged 56 complaints with local police between 2021 and 2023 regarding a crypto scam revolving around Korvio Coin, a locally launched crypto token. Subhash Sharma, the prime suspect believed to have masterminded the scheme, and currently remains on the run.  You might also like: New research reveals the most common crypto scams in...

Speculations were rife that India is unhappy with discussions of BRICS expansion as the bloc could spiral out of control. India is worried about Chinese aggression as the Asian country could be using BRICS as a stepping stone in its quest for world domination, stated reports. However, India’s External Affairs Ministry Spokesperson Arindam Bagchi refuted the reports calling it “baseless speculation”. Also Read: Exclusive: BRICS Will Discuss Use of Local Currencies at August Summit Bagchi said that India is not against BRICS expansion and officials are internally discussing the criteria and procedures. After a full consultation, India will come to a consensus and provide all details about the BRICS expansion, he said. Moreover, he dismissed the reports as “baseless” saying that India is interested in the expansion process. “We have seen some baseless speculation that India has reservations against the expansion. This is simply not true,...

The Asian crypto market is thriving. This region is home to 35% of the global crypto workforce. The two most populous nations, India and China, are currently in the lead, followed by Singapore. These three Asian nations roughly employ around 29,400 people out of a total of 65,900. Hong Kong, South Korea, and Indonesia stood right behind, accounting for 5%-10% each. The UAE, Australia, Turkey, and Thailand were at the bottom of the ladder. The remaining countries, together, accounted for 21%. Binance, OKX, and Crypto.com emerged as the top employing organizations. Collectively, their workforce consisted of around 8,300 Asian employees. Source: K33 Research Also Read: India: BlackRock, Jio to Launch Digital Asset Venture Making a Case for Singapore Several nations from the list are deemed to be crypto hubs in the global economy. Take the example of Singapore. Right from Ripple to Crypto.com, a host of prominent companies have been receiving licenses from the Monetary Autho...

The U.S. sanctions pressed against Russia are helping India and other developing countries to purchase crude oil at discounted prices. The Biden administration sanctioned Russia for invading and waging war against its neighboring country Ukraine. The sanctions stop other countries from conducting business with Russia in a move to disable its local economy. Other countries are not allowed to settle payments with Russia using the U.S. dollar for cross-border transactions. The recent oil deal was carried out between Russia, China, and India, which are part of the BRICS alliance. Also Read: BRICS: 130 Countries Move Towards CBDC Currency, US Dollar in Jeopardy However, despite the sanctions, Russia is laundering crude oil to China and Saudi Arabia by accepting the Chinese Yuan as payment. Saudi Arabia and China are laundering Russian crude oil to other countries at discounted prices due to the sanctions. The reliance on the U.S. dollar is eliminated in these transactions making it cheap...