BRICS: US Dollar in 'High Demand' Amid Israel & Palestine Conflict
The Middle East has destabilized amid the ongoing conflict between Israel and Palestine . The Asian stock markets crashed on Monday. India’s Sensex fell 500 points, while Japan’s Nikkei dropped 100 points. In fact, even the Chinese stock market was seen trading in red. Four new BRICS countries Saudi Arabia, the UAE, Egypt, and Iran are from the Middle East, and evidently, the conflict in the region is proving to be costly. The only currency that managed to benefit from the tensions and gain high demand was the U.S. dollar. Also Read: BRICS : Leading Oil Company Ditches US Dollar, Accepts Local Currency The U.S. dollar was in demand on Monday, Oct. 9, 2023. The greenback was seen rising against all the other BRICS nations’ currencies. The U.S. market is now perceived to be a safe haven, as the escalating tensions in the Middle East continue to worry investors. The dollar index (DXY) touched a high of 107 points and is up nearly 4.52% in the last three months. The U...