BRICS member India is likely dumping the U.S. dollar in the forex markets to safeguard the rupee from falling, reported Reuters. The Indian rupee reached an all-time low of 85.96 on January 1, 2025, as the U.S. dollar strengthened. The development ruffled a lot of feathers in the Indian markets as the imports and exports sector took a hit. The Reserve Bank of India (RBI) directed state-run banks to dump millions worth of U.S. dollars to protect the rupee. On the direction of the RBI, state-run banks offloaded their U.S. dollar reserves to limit the damage to the rupee. The RBI is likely keeping a close tab on the development and is interfering in the currency markets. This is not the first time that BRICS member India has sold the USD to save the rupee, it has been accused several times of dumping the U.S. dollar. Click here to read more