Rupee remains overvalued against trading partners despite new lows

Quick Summary:

In CY23, the local currency displayed remarkable stability against the dollar, marking the least volatility it has seen in nearly three decades.

The local currency hit a record low of Rs 83.99 against the US dollar on September 5 of the current year.

The rupee depreciated by 1.5 per cent in FY24, compared to 7.8 per cent in the previous financial year (FY23).

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Article Details

Category: BusinessFinance

Markets: IndiaHong KongSingapore

Topics: Reserve Bank of India Rupee Real effective exchange rate REER

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-02 @ 18:02:23 (6 hours ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 572 words

Reading Time: 4 minutes read

Sentences: 23 lines

Sentence Length: 25 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Standard

News ID: 22849562

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Official Website: business-standard.com

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