Rupee held stronger than Euro, Pound, Yuan & Yen

Mumbai: The Rs held its own in value terms and has literally gone global, despite depreciation in value when compared to the US dollar, since the RussiaUkraine war began right until July 13, 2022. According to industry sources, a false narrative is being created within India about the falling rupee, even as the Indian government ensured not only that the ` stayed stronger than most other currencies but also embarked on a global business plan that dislodged the $ as the mainstay for international transactions.

Rs settlements have now become the way ahead and India has tied up with Russia, Indonesia, UAE and other major markets where it deals oil (imports), food-grains (exports) to transact in rupee terms giving the $ the go bye. From the beginning of the war, with resultant sanctions imposed by the European Union and USA, data reveals that the rupee has been the third least affected emerging market currency (EMC) across the world depreciating from Rs 75.7 rupees to the $ to Rs 79.7 rupees per $ as on July 13, 2022 which is a 5.3% weakening to the $.

Worse off than these three currencies, the Euro depreciated by 11.2% in value compared to the $ sliding from 0.9 euros per $ to 1.0 euro $ on July 13. The Japanese Yen slid in value compared to the $ since the Ukraine war started depreciating in value by 18.8% from 115.3 yen per $ to 137.1 yen per $. The slide in value for the British Pound Sterling saw a depreciation of 12.2% from 0.7 pound per $ to 0.8 pounds per $. The Chinese Yuan also recorded a 6.2% loss in value in $ comparison during the same period from 6.3 yuan per $ to 6.7 yuan per $ by July 13, 2022.