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The current de-dollarization wave is now gaining rapid momentum with more and more nations joining the surging drive. Several nations have now started to float plans that aim to introduce local currency narratives in global trade, pushing the dollar aside for serious business. Who are these three nations, and what are their new plans to put the de-dollarization wave in motion? Let’s find out. Also Read: India To Boost De-Dollarization: Buy Nigerian Oil Paying in Naira 3 Economies Leading De-Dollarization Source: Watcher Guru It seems that the global financial sector is onto the US dollar, leaving no stone unturned to derail its current stature. India, being one of the major global economies, has recently announced plans to strengthen its rupee. To do that, India’s Reserve Bank of India has issued an order to prioritize the rupee in global trade, facilitating seamless, faster rupee-based orders globally. This move underlined India’s decision to make INR a leading global playe...

The petrodollar was established in the 1970s after the US struck deals with Saudi Arabia and other OPEC countries. The deal was to price and settle oil trades in US dollars. The arrangement ensured a constant global demand for the US dollar. While the system supported US economic dominance, we may be coming to the end of the petrodollar. The share of the US dollar in global reserves has been falling over the last two decades. Moreover, countries buying oil in local currencies have seen a substantial rise. Let’s discuss if we are at the end of the dollar’s reign. With the US Dollar Falling, Is the Petro Dollar At an End, Too? Source: bitcoinmagazine.com China is the world’s largest oil importer. The nation has also started a crusade against the US dollar. China has encouraged oil exporters like Saudi Arabia to accept the yuan for oil trades and settlements. China also does oil deals with Russia using the yuan. India has also joined the US dollar-ditching bandwagon. The countr...

The BRICS alliance has been strongly talking about dumping the US dollar for cross-border transactions and using local currencies. Members like China, India, Brazil, South Africa, and Iran released several statements against the growing influence of the US dollar. These statements were only soundbites, but were never really pushed into policies despite the dissatisfaction against the USD. From Xi Jinping to Narendra Modi and Lula da Silva, none of these leaders officially called to replace the USD. Also Read: BRICS Vows to Triple Trade Flow With New Partnerships Only 1 BRICS Country Officially Endorsed To Dump the US Dollar Source: deccanherald.com / istock Out of the 10 BRICS countries, only Russia officially endorsed replacing the US dollar for all trade and transactions. The Putin administration most probably took the shots as their economy is reeling under the weight of US sanctions. The only way for their economy to fully open up and thrive is to do away with the USD. Even after m...

The effort to stop de-dollarization faces mounting challenges right now as Trump threatens increasing tariffs on nations abandoning the greenback. Yet experts argue that US dollar dominance confronts forces beyond political control, with Russia and China de-dollarization accelerating and the yuan replacing dollar gaining traction globally. Trump’s proposed capital tax represents another attempt to halt this shift, but analysts warn such measures may also backfire against the very goal to stop de-dollarization. Also Read: Bank of America Warns: US Dollar Will Decline This Summer Can Trump’s Capital Tax Slow Russia-China Dedollarization Shift?# Source: Watcher Guru Dollar Reserve Status Weakens Despite Threats The dollar lost its dominant position in forex reserves, going from 72% in 2002 to 59% in 2023, and then ticked up slightly to 57.8% by the fourth quarter of 2024, because more people are now using alternatives like the yuan instead of the dollar in global trade. Total g...

The Association of Southeast Asian Nations population, referred to as ASEAN, recently held its ASEAN-China-GCC summit in Kuala Lumpur, Malaysia. The summit was attended by leading administrative officials from China and other GCC nations, reflecting the bloc’s plan to help establish harmonious relationships within the aforementioned global circuit. Malaysian PM Anwar Ibrahim was noted for making active calls for the bloc’s increased diversification towards China and GCC nations to insulate ASEAN nations from the harsh US tariffs policy. While the calls made during the summit promote regional dependence and unity, this diversification may become lethal for the US dollar in many ways. Here are the three main reasons promoting the anti-dollar narrative. Also Read: 11-Nation ASEAN Bloc Challenges US Pacific Influence ASEAN’s Move May End Up Injuring the US Dollar: Here’s How 1. Reduced Dollar Demand Source: Watcher Guru Malaysian PM Anwar Ibrahim has called to unite forces, urging Chi...

Donald Trump has officially launched his tariff deployment spree. In a recent announcement, Trump shared how he is all set to levy 25% tariffs on Canada and Mexico, which are scheduled to go live from March 4th, 2025. That being said, the tariffs have gone live at the time of writing, sparking widespread fears of a brewing trade war narrative. This trade war may become expansive, with nations contemplating deploying counter tariffs on the US to nullify the effect. Also, with the de-dollarization agendas peaking at the same time, what if the world ends up alienating the US dollars, supporting alternate currencies to sustain their interests and needs? Also Read: How High Will Dogecoin Trade If Bitwise’s ETF Gets An Approval? 3 Currencies Competing With The US Dollar 1. Euro Source: FXstreet The euro is the second most celebrated currency after the US dollar. Trump is also planning to levy 20% tariffs on the EU, which can be incredibly troublesome for the US economy, hindering its growth....

Despite de-dollarization, the US dollar rebounded in price as the DXY index, which measures its performance climbed above the 107 mark. The DXY index is now trading at the 107.40 level after surging 0.15% on Friday. The US treasury yields rose this month making the greenback strengthen in the charts. The move pushed gold prices below the $2,900 range making the XAU/USD index trade at $2,860 on Friday’s opening bell. Also Read: Bitcoin Crash: How Low Can BTC Fall In The Current Market Scenario? Source: MarketWatch Leading investment bank Goldman Sachs predicted the future of the US dollar as de-dollarization looms. The global bank weighed the pros and cons of the currency markets and wrote in the latest note to stakeholders that the greenback will make a comeback. Also Read: Nvidia (NVDA) Stock Falls 8% Following Poor Q1 2025 Outlook Goldman Sachs Predicts the Future of the US Dollar Amid De-Dollarization marketwatch.com / GETTY IMAGES/ ISTOCKPHOTO Global investment bank Goldman Sa...

Russia is in talks with the new BRICS member Ethiopia to trade in local currencies and not the US dollar. The process is in its early stages and both the countries are looking to cooperate in the upcoming bilateral trade deal. However, Russia and Ethiopia confirmed that they are “committed” to using local currencies after the deal goes through. Also Read: After Pausing BRICS, Saudi Arabia Invests $600 Billion in the US The two nations are planning to settle cross-border transactions in the Russian ruble and Ethiopian birr. The development will help boost both the nations’ economies and lift their GDPs. The commitment stands in line with the de-dollarization agenda which was kick-started in 2022. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. Also Read: BRICS: India Dumps Billions of US Dollars BRICS: Russia & Ethiopia Ready To Sideline the US Dollar Source: kremlin.ru Ethiopian Ambassador to Russia, Genet Teshome J...

The Indian Rupee has taken a deep plunge against the US dollar. INR noted an all-time low drop of 85.06 in the early hours of trade on Thursday, trading at lower levels by falling BY 12 Paisa in the process. The INR was trading at 84.95 earlier and has finally hit rock bottom of 85, in a new currency predicament. Also Read: Shiba Inu Weekend Price Prediction: How High Can SHIB Surge? INR Nosedives: What Happened? Source: Reuters The Indian rupee noted a bearish price stance on Thursday, as the currency traded at 85.06 against the incredibly strong US dollar. The recent price weakening of the INR has primarily been spurred by the latest federal reserve rate cut predicament, which has bolstered the US dollar at press time. The hawkish Fed stance propelled the dollar to spark a new rally, crushing currencies like INR in the process. However, it is to be noted that the rupee has lately been treading on weaker momentum. INR was earlier trading at the 84.90 level, sparked by a weaker trend i...

The Indian rupee has once again lost its footing against the US dollar. The INR hit its lowest level against the US dollar on Tuesday, trading at 84.92 at press time. Speculation surrounding rate cuts by the RBI is also gaining traction, hitting the INR to trade under low waters as of late. Also Read: Shiba Inu: AI Predict SHIB’s Price For December 20 Why Is the Indian Rupee Dropping to Low Levels? Source: Pixabay The Indian equity domain is currently projecting a mellow stance, encountering a weakened market pace. This development is adding to the INR woes, pushing the Indian currency down to new lows. At the same time, the rising dollar demand, with competitors showing confidence in the dollar as Trump takes over the US political regime, is also a strong development, causing INR to hit weak price spots. The pressure on the rupee has further been intensified by increased gold imports and the decreased export situation that India has been documenting lately. The Indian export stats hav...

The BRICS alliance was hellbent on kick-starting the de-dollarization agenda until the 16th summit in Russia’s Kazan region. Things have now taken a U-turn as the bloc members are slowly backtracking on the initiative. The US dollar was seen as the main villain of the global economy where local currencies were kept at its mercy. Also Read: BRICS: 28% of Trade Settled in Cryptocurrencies: Deutsche Bank The agenda to break free from the clutches of the US dollar ignited the de-dollarization process started by the BRICS bloc. After Trump reclaimed the White House, talks about using the US dollar for trade are growing among member nations. Trump vowed to introduce a 100% tariff on all goods coming into the US for countries that denounce the USD. If the tariff comes into effect, the financial discrepancies could hit the BRICS alliance harder than thought. Their import and export sector will take the first hit leading to losses by paying up extra in taxes. This could make BRICS rethink ...