The rupee declined over 11% in 2022, as it struggled against global developments. How did the Indian rupee performed in 2022? Here we look in more detail at what has been driving the rupee price and where it may go next. We have to remain unwavering in our commitment to bring down inflation." We need to see a decisive moderation in inflation. "The stickiness of core or underlying inflation is a matter of concern. Since May, the RBI’s rate-setting panel has raised the country’s repo rate by 1.9% to 6.50%. Some analysts expect the hike to be the final increase in the RBI's current tightening cycle, which has seen it raise rates by 250 bps since May 2022 – as major central banks across the world continue to battle high inflation. The central bank said that its policy stance remains focused on the withdrawal of accommodation, with four out of six members voting in favour of that position. In February, the Reserve Bank of India (RBI) hiked its key repo rate by a quarter percentage point, this was expected but still surprised markets by leaving the door open to more tightening, saying core inflation remained high. USD/INR was also got affected and started to surge once again. However, once the January CPI data was released, the dollar strength index rebounded strongly from these lows. This weakened the global currencies in terms of their dollar value. Indian Rupee started 2023 strong, in terms of the dollar as the DXY Index fell to a 6-month low of 100.8. The US dollar (USD) to INR exchange rate plunged to a low of 80.85 on 20th January, the lowest level since November 14. It dropped as the US dollar index continued plunging to the lowest level in months. The Indian rupee ( INR) price pulled back from its highest point in 2022 as the focus shifted to the potential Fed pivot this year. This website has individual reports for years going back to 1963 and a consolidated report that goes back to 1956.The rupee is the official currency of India – Photo: Sudarshan negi / Shutterstock For exchange rates for years before 2001, visit the gov.info website. Since the exchange rates in this report are not current rates of exchange, they should not be used to value transactions affecting dollar appropriations. dollar equivalents as of the date of this report and for the ensuing three months. government agencies should use these rates, except as noted above, to convert foreign currency balances and reported transactions to U.S. To ensure all reports are translated at uniform exchange rates, all U.S. See Volume I Treasury Financial Manual 2-3200 for further details. Amendments are included in this dataset beginning March 2021.Įxceptions to using the reporting rates as shown in the report are: collections and refunds to be valued at specified rates set by international agreements, conversions of one foreign currency into another, foreign currencies sold for dollars, and other types of transactions affecting dollar appropriations. Amendments will also be issued to reflect the establishment of new foreign currencies. One line for the original March 31st published rate and another line for the amended rate effective April 30th which would be valid for reporting purposes for May and June transactions. Example: A currency amended on April 30th will appear on two lines of the report. Amendments made at the end of a month can be used for reporting purposes for transactions occurring during the remaining month(s) in the quarter. An amendment to a currency exchange rate for the quarter will appear on the report as a separate line with a new effective date. government can acquire foreign currencies for official expenditures as reported by disbursing officers for each post on the last business day of the month prior to the date of the published report.Īmendments: If current rates deviate from the published rates by 10% or more, Treasury will issue amendments to this quarterly report. This quarterly report reflects exchange rates at which the U.S.
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