Thus, USD held to be the world’s haven currency. This is due to the fact that the US economy consistently remains the biggest and most powerful economy, with the benefit of serving as the reserve currency for global commerce & investment. Today, the USD is appreciating against the rest of the world currencies despite fundamental weakness in its own domestic economy. The same will continue to affect the currency market due to plausible shifts of cross-currencies to USD. However, the ongoing volatility is expected to persist in the short term as the global economy slows in 2022-2023.
#ALL WORLD CURRENCY RATES IN INDIA PATCH#
This also means that INR has actually appreciated to other currencies like 10% to pound, 8% to Euro, 15% to Yen and 0.4% to Yuan, at the same time.Īs a result, we should not be concerned about the current volatility because it is due to global economic & geopolitical uncertainties.Īs we have been discussing, India is in a safe position and its currency will rebound firmly as this patch of volatility is dispersed. Their cross-currency movements are much more bizarre than INR’s.įor instance, in the past 1year, the UK Pound has depreciated by 21%, the Euro by 19%, the Japanese Yen by 29%, and the Chinese Yuan by 10% (China has a pegged policy to USD rather than a market-based). However, we should note that the world’s other best currencies have also heavily depreciated against the USD. The recent INR depreciation has surprised the market leading to 10% depreciation in a year, which is double than the normal rate of 4 to 5 per cent annually, raising questions about the strength of the Indian economy. The forex reserves have shrunk to USD 545 billion from the peak of USD 642 billion a year ago due to forex selling by RBI, high imports, and outflow from FIIs.
#ALL WORLD CURRENCY RATES IN INDIA SOFTWARE#
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