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BRICS - The president of the BRICS International Forum, Purnima Anand told reporters on Thursday that both Russia and India no longer need the U.S. dollar, as they have "turned to national currencies to conduct mutual settlements," according to Russian state news RT. The BRICS president stated, "We have implemented the mechanism of mutual settlements in rubles and rupees, and there is no need for our countries to use the dollar in mutual settlements. And today a similar mechanism of mutual settlements in rubles and yuan is being developed by China,"...

This month, as the dollar surged to levels last seen nearly 20 years ago, analysts invoked the old Tina (there is no alternative) argument to predict more gains ahead for the mighty greenback. What happened two decades ago suggests the dollar is closer to peaking than rallying further. Even as US stocks fell in the dotcom bust, the dollar continued rising, before entering a decline that started in 2002 and lasted six years. A similar turning point may be near. And this time, the US currency’s decline could last even longer. Adjusted for inflation or not, the value of the...

Russia and China are developing a new reserve currency with other BRICS countries, President Vladimir Putin said. The basket currency would rival a US-dominated IMF alternative and let Russia widen its influence. The dollar's dominance is already eroding as central banks diversify into the Chinese yuan and smaller currencies. "The matter of creating the international reserve currency based on the basket of currencies of our countries is under review," Putin told the BRICS Business Forum on Wednesday, according to a TASS report. "We are ready to openly work with all fair partners." While it's not a reserve currency, the SDR...