Why A Weak Rupee Looked Strong In CY23
Rupee saw the least percentage fall on buoyant FPI flows and benign crude, but an encore will depend on Fed rate cuts and oil staying lower.
Rupee saw the least percentage fall on buoyant FPI flows and benign crude, but an encore will depend on Fed rate cuts and oil staying lower.
The 'R' Club' led by rupee, renminbi, rouble, real, rand, riyal, rupiah & ringgit is posing serious threat to the greenback.
Countries wary of excessive dollar outflows, especially those who run trade deficit with India, have started signing rupee trade settlement deals.
Against the backdrop of the strengthening Dollar Index that made its two-decade high in September 2022, the rupee managed to close the year at 82.61 to the US dollar, down from 74.29 at end of 2021.
The top 500 club in 2022 is now worth $1.57 trillion in annual revenue, almost as big as the economies of Canada, Mexico and Spain.
Around 76% of respondents to a survey say they will be able to afford less in coming years as higher import costs will get reflected in products they buy
RBI says it's closely monitoring liquidity conditions in the forex market. Today, the rupee depreciated 18 paise to 79.25 against the U.S. dollar
The local currency plunged 36 paise to a lifetime low of 78.29 against the US dollar.
Deposits under LRS on course to hit record high of $800 mn in CY21.