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RBI KEEPING THE RUPEE STABLE USEFUL IN SHORT RUN, DIFFICULT IN LONG
The Morning Standard
|November 23, 2024
THE Indian rupee weakened to an all-time low of 84.50 against the US dollar on Thursday, driven by foreign fund outflows, escalating geopolitical tensions and expectations of sharper rate cuts by the US Federal Reserve.
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According to RBI data, the 40-currency basket measuring the rupee's competitiveness shows it was overvalued by 7.21 percent through October-nearly the highest in six years.
But the rupee's decline of 1.5 percent this year against the dollar is the least among Asian currencies. RBI Governor Shaktikanta Das recently noted that the rupee has emerged as one of the least volatile currencies in the world since the start of 2023. Given that excessive volatility can have detrimental effects, RBI's stated policy is to ensure that the exchange rate remains stable, which in turn instils confidence among market participants, investors and the wider economy.
This story is from the November 23, 2024 edition of The Morning Standard.
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