So far in 2022, rupee has witnessed numerous fallings just for 6.51% against the dollar. The following is the complete data about how much the rupee has fallen against the US dollar than other currencies in the world.
Till September 24 this year, the Pakistani rupee has witnessed a significant decline of 23.77%, while the Japanese Yen has fallen to 19.79%, the British Pound has dropped about 14.92%, South Korean Won has reduced to 14.53%.
The euro, which recently fell below one dollar, has witnessed about 12.15% decline in total in the present calendar year so far. The Chinese Renminbi has declined to 8.72%, the South African Rand has dropped about 8.59% and the Australian dollar has slipped to 7.5%. The Indian rupee had fallen about 6.51%in the present year, till September 14, which is the lowest among these major currencies. The rupee was at 73.77 against a US dollar on January 12, 2022 which has now declined to 79.47 to a dollar on Wednesday.
It is said by the Chief Economic Advisor, V Anantha Nageswaran that India is not defending the rupee and the Reserve Bank of India is taking essential guidelines to ensure that the movement of the rupee is gradual and in line with market trends. The rupee is being managed in a manner that reflects the fundamentals of the economy. Amid a broad-based gain in the dollar after much awaited US inflation data came higher than expected, the Indian rupee remained under pressure on Wednesday.
Post the rate market started pricing a full percentage point hike in the next week’s Federal Open Market Committee meeting, the dollar bided well. Recevery in domestic equities and corporate dollar supply provided assistance to the rupee after a weak opening.