India Puts the Rupee First and Not BRICS Currency, Favors U.S. Dollar
BRICS members are currently divided a month before the summit in South Africa in August. The cracks within the BRICS group are growing larger as the bloc of five nations differs in ideology. While China and Russia are advancing towards the formation of a new currency, India seems to have taken a step back. India is sending mixed signals of backing out from the creation of the new BRICS currency and favoring the Rupee. The Indian Rupee is holding strong against the U.S. dollar in the foreign exchange markets indicating that the currency is relatively stable. This puts the country in a unique position financially and safeguards its national interests than taking on the U.S. dollar. India now aims to put its local currency first in the global markets than the soon-to-be-released BRICS tender. Also Read: 3 Major Countries to Join BRICS Alliance in August India Wants To Stabilize the Rupee First & Not The BRICS Currency Source: Indiatimes.com India signed a deal wi...