In 2024, the local currency lost 2.9%, but the depreciation was lower than some of the other Asian currencies. According to Bloomberg data, the 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 the rupee touching the 87-levels in the next three to 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."
This story is from the January 03, 2025 edition of Mint Chennai.
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This story is from the January 03, 2025 edition of Mint Chennai.
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