The US dollar is still declining this week due to macroeconomic pressures. Gold, commodities, Bitcoin, and the overall cryptocurrency market are rising while the USD is depreciating. About 10 local currencies have outperformed the US dollar this week, including both BRICS countries.
Only the DXY index, which tracks the US dollar’s performance, shows a decline in the past seven days. The USD entered March at 104 but has significantly dropped to a weekly low of 102.80. Some local currencies have surpassed the US dollar at a time when BRICS is seeking to cut ties with the USD.
Top 10 currencies outperforming the US dollar
The US dollar is facing competition from local currencies that want to dethrone it from its position as the world’s reserve currency. BRICS is embarking on a world tour to persuade developing countries to use local currencies instead of the US dollar.
Here is a list of the top 10 currencies that have outperformed the US dollar this week. Even the Philippine Peso has performed significantly better than the US dollar 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%
Among the top 10 currencies outperforming the US dollar, two are from BRICS countries. The local currencies of China and India, the Renminbi and Rupee, are performing well compared to the US dollar.
