India’s rupee worst performer globally
Amid re-ignited concerns over the macro-economic scenario in India and abroad, India’s rupee has again slipped below the 55-level against dollar, the largest fall among its major peers globally in the past 30 days.
As against the US dollar, the rupee has sharply fallen from 52.88 levels one month ago to 55.16 on Monday, marking a drop of over 4.2 percent.
This is the largest fall vis-avis the US dollar in the past one month among 25 major currencies across Asia, Americas, Europe, Middle East and Africa.
India’s rupee had closed at its life-time low of 57.12 against the US dollar on June 22 this year. In February, rupee had strengthened to as high as Rs 49. Within Asia, the steep depreciation of rupee is followed by the Japanese Yen, which has dropped around 2.9 percent in the past one month. Among other Asian currencies, Singapore dollar has slipped 0.66 percent, Malaysia’s Ringgit by 0.6 percent and Indonesia’s Rupiah by 0.42 percent. Others feel things could get worse for the rupee.