RBI intervention ensures rupee stability

ALL G10 CURRENCIES BARRING GBP, DEPRECIATED BY OVER 4% DURING CY 24

- ANUPREKSHA JAIN

THE RUPEE HIT new lows in CY24 but outperformed most Asian currencies, thanks to timely interventions by the Reserve Bank of India (RBI). Overall, it depreciated by 1.5% against the US dollar during the calendar year. Meanwhile, the dollar index, which tracks the US currency's performance against a basket of six major currencies, declined by 0.94% this year.

Among Asian currencies, the rupee was the third most stable against the dollar, trailing only the Hong Kong dollar and Singapore dollar. This stability was largely attributed to the RBI's interventions, which helped curb the rupee's depreciation, according to forex dealers.