Indian Currency Worst Performing in Asia: Report

The India Currency, Rupee, is reportedly the worst-performing currency in Asia, as 2020 comes to an end. It is rated even below the Pakistani Rupee and the Sri Lankan Rupee. 

However, most other Asian currencies have retained their value against the US dollar this year or have even had the same appreciation, according to data of National Securities Depository Limited (NSDL).  

The rupee is down by 3.6 per cent to 73.85 per dollar as on 22nd December, the report said.

As per the official data of NSDL, more than $50 billion was received by India through the FPI and FDI routes. Equities worth $17.7billion were purchased by foreigners and sold $14.5 billion in debt with net inflows of $7.7 billion in 2020. 

“However, a recent report by HDFC Securities noted that despite substantial foreign inflows, the rupee did not revive since the RBI absorbed almost all dollar inflows through regular interventions to restrict the currency from appreciating to maintain export competitiveness,” reported national media.

Reportedly, the rupee is expected to trade lower at the start of 2021.

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