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Rupee Falls to Record Low Amid Yuan Devaluation, RBI Intervention Limits
TOPICS
The value of the Indian rupee dropped sharply to an unprecedented low of 83.7 against the US dollar but later slightly recovered to 83.5 towards the end of March. The downturn was set off after China made adjustments to its yuan valuation policy, which in turn stirred a widespread downtrend amongst Asian currencies.
Traders noted that the Reserve Bank of India (RBI) seemed to engage less than usual in its typical market interventions, which usually curb sharp declines in the rupee’s value. As a result, the rupee fell by more than 1% against the dollar, a stark contrast to its six-month peak achieved earlier in the same month. Despite this, the RBI’s consistent dollar-selling strategies have managed to maintain the rupee’s value above the 83.4 mark since the third quarter of 2023. Notably, robust expansion in India’s economy has sustained the inflow of foreign investments, averting an even greater currency drop. Data shows India’s economy expanded by 8.4% in the last quarter, and its Purchasing Managers’ Index (PMI) remained above 60 for the third consecutive month, affirming this growth in March.
(USDINR Yearly Chart)
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