The other emerging market currencies experienced a more pronounced depreciation against the dollar than the rupee in 2024, resulting in a relative appreciation effect.
For this financial year, the rupee is down about 11% against the dollar, broadly in line with other major Asian currencies such as the offshore Chinese yuan and the Korean won.
The rupee dropped to a record low of 82.6825 on Monday, but has managed to recover slightly, thanks to likely intervention by the Reserve Bank of India, which offset trading volatility.
Aggressive rate hikes will dampen demand & cause economic slowdown. In this uncertain scenario, India should avoid knee jerk policy responses & strengthen its macro-fundamentals.
The rupee rose from a 2-month low last week ahead of US election results to 74.3725 per dollar on Wednesday. Indian currency is Asia’s worst performer with a year-to-date loss of 4%.
Traders say there is a sense of anxiety among investors as they see the global as well as domestic economy plunging into a deep crisis due to COVID-19 pandemic.
MoSPI proposes to remove closed factories from IIP sample, aiming for truer picture of India’s industrial health in upcoming 2022–23 base series. Plan open to public feedback until 25 November.
Bihar is blessed with a land more fertile for revolutions than any in India. Why has it fallen so far behind then? Constant obsession with politics is at the root of its destruction.
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