close
Wednesday June 19, 2024

BRICS: US dollar suffers massive blow as India-Russia local trade reaches record high

Economic exchanges between two countries in bloc have surpassed $50 billion for the first time

By Web Desk
May 22, 2024
BRICS trade hits new record as US Dollar takes big hit. — Global Finance Magazine/File
BRICS trade hits new record as US Dollar takes big hit. — Global Finance Magazine/File

The United States dollar suffers yet another blow as the BRICS countries' unilateral trade has reached a record high.

According to the Emirates News Agency, economic exchanges between two of the most well-known countries in the bloc have surpassed $50 billion for the first time.

BRICS is an intergovernmental organisation that was made to establish deeper ties between member nations and cooperate on economic expansions, such as trade. It was set to counterbalance Western alliances, Watcher Guru reported.

The record-breaking bilateral trade between Russia and India reached $17.5 billion in the first quarter of this year.

Trade between them in their local currency has also increased by more than 5%, affecting the US dollar's standing in the world economy.

Russia exported more than $16 billion worth of goods to India in the first quarter, while India’s exports surpassed $1 billion, a 22% increase compared to last year.

In addition, as per reports, the BRICS countries are currently developing their own currency, which will help fast-track many of their de-dollarisation initiatives.

Furthermore, gold accumulations have also reached record highs.

Since its establishment, the BRICS member countries have not shied away from their de-dollarisation aspirations. Additionally, the alliance has effectively positioned itself as the primary alternative to Western alliances.