In 2024, the local currency lost 2.9%, but the depreciation was lower than some of the other Asian currencies. According to Bloomberg data, yuan lost 3% during the same period.
Experts said the lower depreciation so far when compared to other currencies is also a reason why there is room for more correction. While some see rupee touching the 87-levels in the next three-four months, others see it holding its own after 86.2. On Thursday, it closed at 85.75.
"There is a pending depreciation pressure visible on the rupee and that is seen in the REER overvaluation of around 8%," said Kanika Pasricha, chief economic advisor, Union Bank of India. ". . . we have depreciated in the recent dollar index spike relatively less compared to our trade partners."
Esta historia es de la edición January 03, 2025 de Mint Kolkata.
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