The Indian rupee is the official currency of India and is issued by the Reserve Bank of India (RBI). Krishnamurthy Subramanian, former chief economic advisor (CEA) to the Indian government, tweeted in late September: That said, the rupee’s 8.5% decline against the greenback since January matched up with the weakness experienced by most dollar-paired currencies. The rupee continued to slide in the face of tightening monetary policy in the US, coming in at a dramatic all-time low (82.77) against the dollar on 20 October. The USD/INR price then eased lower to 78.13 before another ascent to retest the all-time low once more in August. The USD/INR pair climbed higher across the year, with the rupee reaching its first all-time low of 80.20 on 14 July. The rupee started the year at 74.40 against the dollar and steadily weakened. How has the Indian rupee performed so far in 2022? Here we look in more detail at what has been driving the rupee price and where it may go next. Since May, the RBI’s rate-setting panel has raised the country’s repo rate by 1.9% to 5.9%. The Reserve Bank of India (RBI) raised the benchmark lending rate by 50 basis points on 30 September – the fourth consecutive increase since May – as major central banks across the world continue to battle high inflation. The Indian rupee ( INR) has strengthened after hitting an all-time low against the greenback in mid-October, trading at 81.3 per US dollar (USD) at the end of November, its highest level in two weeks, as stronger-than-expected growth data gave further leeway for the country’s central bank to continue its rate-hiking cycle with a more aggressive rate hike. The latest USD/INR forecast for 2023 and beyond.Indian economic data, including PMIs, inflation and GDP.
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