Indian Rupee becomes second worst Asian currency this quarter
MG News | August 02, 2024 at 10:24 AM GMT+05:00
August 02, 2024 (MLN): After a strong first half of the year where the Indian Rupee beat emerging market Asian currency peers versus the dollar, the rupee has now become the second worst performer this quarter, just ahead of the Taiwan dollar, Bloomberg reported.
This shift coincides with a weakening dollar as market expectations of interest rate cuts in the US increase.
The Reserve Bank of India's (RBI) policy of smoothening currency swings by adding to or dipping into record high foreign reserves has played a key role.
This strategy makes the rupee outperform when the dollar is strong against regional peers, but it lags when the dollar is on the backfoot.
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