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INTERNATIONALISE THE RUPEE TO ARREST VOLATILITY
The Morning Standard
|November 25, 2023
THE Indian rupee touched yet another all-time low of 83.36 against the US dollar on Friday, as Asian markets got dragged down by losses in China.
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On the other hand, the dollar index that gauges the greenback's strength against a basket of six currencies maintained poise after staging its biggest rally in September. After being the worst performing Asian currency in 2022, the rupee has touched a series of lows this year. But it has remained in the 81-83 band, thanks to the RBI's aggressive and timely intervention selling dollars in the forex market. Notwithstanding the new lows, the rupee is down by just 0.6 percent against the dollar in the year to October 31 and has emerged as one of the better-performing emerging market currencies, led by improved growth prospects, healthy capital inflows and lower oil prices.
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