The U.S. dollar remains on a slippery slope this week due to macroeconomic pressures. The prices of gold, commodities, Bitcoin, and the broader cryptocurrency market are rising while the USD is dipping. Around 10 local currencies have outperformed the U.S. dollar this week including that of two BRICS countries.
Also Read: Saudi Arabia To Attend BRICS Summit
The DXY index that tracks the U.S. dollar’s performance shows a dip in the last seven days. The USD entered March at 104 but relatively headed south in the indices hitting a weekly bottom of 102.80. Several local currencies topped the U.S. dollar at a time when BRICS is looking to cut ties with the USD.
BRICS: 10 Leading Currencies Outperform the U.S. Dollar
The U.S. dollar is facing competition from local currencies that want to dethrone it from the world’s reserve currency status. BRICS is on a world tour convincing developing nations to use local currencies and not the U.S. dollar. Read here to know how many sectors in the U.S. will be impacted if BRICS ditches the dollar for trade.
Also Read: BRICS Slams America For ‘Sowing Discord’ Among Member Countries
Below is the list of the top 10 leading local currencies that outperformed the U.S. dollar this week. Even the Philippines’ Peso performed much better than the U.S. dollar this month in March.
- Malaysia (Ringgit): +2%
- Australia (AU Dollar): +1.9%
- Japan (YEN): +1.9%
- Philippines (PESO): +1.4%
- Thailand (Baht): +1.1%
- Singapore (S Dollar): +1%
- South Korea (Won): +1%
- China (Yuan): +0.3%
- India (Rupee): +0.2%
- Indonesia (Rupiah): +0.1%
Also Read: BRICS: Elon Musk Says America Will Go Bankrupt
Out of the 10 currencies that trumped the U.S. dollar, two are from the BRICS countries. BRICS members China and India’s local currencies, the Yuan and Rupee, performed fairly better than the U.S. dollar. Read here to know why the Indian Rupee has been beating the U.S. dollar in the last 30 days in the global currency markets.
