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Indian Rupee Remains Least Volatile Among Major Currencies

Published on Sep 20, 2023 12:03

The Reserve Bank of India or RBI stated in a latest update that the Indian rupee (INR) depreciated by 0.8 per cent (m-o-m) vis-a-vis the US dollar in August 2023, reflecting the strong US dollar and high bond yields in the US. However, among the major currencies, the INR remained the least volatile during the month. The INR depreciated by 0.6 per cent (m-o-m) in terms of the 40-currency real effective exchange rate (REER) in August 2023 as negative relative price differentials more than offset the appreciation of the INR in nominal effective terms.

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