Indian Currency Ranks Worst In Asia: INR Performed Worse Than Pakistani, Sri Lankan Rupee
Among all the currencies in Asia, the Indian National Rupee has emerged as the worst performing currency. In fact, the Indian Rupee is now performing worse than the Pakistani rupee and Sri Lankan rupee.
Indian Currency Worst Performing In Entire Asia; Worse Than Pakistan, Sri Lankan Rupee
Reports suggest that in the last 12 months, most of the Asian currencies have appreciated against the US dollar or maintained their value. However, the rupee has depreciated by 3.6 per cent during this year against the appreciation of other Asian currencies such as Chinese renminbi, Philippines peso, South Korean won, Malaysian ringgit, and Thai baht.
On Friday, the rupee closed around Rs. 74 to a dollar against Rs. 72.2 at the end of December 2019. In short, Rs. 1000 will bring $13.5 against $14 a year ago.
The Sri Lankan rupee and Pakistani rupee have depreciated by 3. per cent each against the US dollar in the current calendar year. India’s South Asian neighbors are the worst performers after the Indian rupee.
G Chokkalingam, founder & managing director at Equinomics Research & Advisory Services said, “Macroeconomic factors such as strong capital flows, a weak dollar, low crude oil prices and decline in imports favour an appreciation in Indian rupee against major currencies. These tailwinds, however, have been undone by record decline in India’s GDP in FY21 and high retail inflation.”
Taiwan Dollar Becomes Top Performing Currency
The Indonesian rupiah follows close, and has gone down 1.9 per cent of its value against the dollar in the current calendar year.
As per reports, the Taiwan dollar is the top performing currency in Asia this year and has gone up by 6.4 per cent against the US dollar. Also, this is followed by the renminbi currency of China, which has appreciated by 6.2 per cent against US dollar.
After this comes the Philippine’s currency, peso, which has increased by 5.2 per cent during the year, South Korean won (up 4.2 per cent), and Malaysian ringgit (up 1.0 per cent)