NewsBytes
    Hindi Tamil Telugu
    More
    In the news
    Mukesh Ambani
    WhatsApp
    Reliance Jio
    OPPO
    Vivo
    Sensex
    Bitcoin
    NewsBytes
    Hindi Tamil Telugu
    NewsBytes
    User Placeholder

    Hi,

    Logout


    India Business World Politics Sports Technology Entertainment Auto Lifestyle Inspirational Career Bengaluru Delhi Mumbai Visual Stories Find Cricket Statistics Phones Reviews Fitness Bands Reviews Speakers Reviews

    Download Android App

    Follow us on
    • Facebook
    • Twitter
    • Linkedin
     
    Home / News / Business News / Indian rupee ends 2022 as Asia's worst-performing currency
    Business

    Indian rupee ends 2022 as Asia's worst-performing currency

    Indian rupee ends 2022 as Asia's worst-performing currency
    Written by Athik Saleh
    Dec 31, 2022, 05:25 am 2 min read
    Indian rupee ends 2022 as Asia's worst-performing currency
    Indian rupee declined by 11.3% against the US dollar

    The Indian rupee has had a lackluster 2022. It ended 2022 as Asia's worst-performing currency. Today, the rupee finished at 82.72 against the US dollar, bringing an end to the volatile year that saw the currency reeling under macroeconomic pressure. The Singapore dollar is 2022's best performer with the only major Asian currency to make an annual gain against the dollar.

    Why does this story matter?

    • 2022 has been a tough year for the global economy. However, India has managed to keep things under control despite strong macroeconomic headwinds.
    • India's stock market has been one of the best in the world this year. The same can't be said about the Indian rupee though.
    • The currency's struggle, however, has nothing to do with the Indian economy's fundamentals.

    Rupee breached 83 mark this year to hit record low

    The Indian rupee ended 2021 at 74.33 against the US dollar. Since then, it has fallen 11.3%, its biggest annual decline since 2013. In 2013, the rupee was Asia's third-worst performer. The currency's performance in 2022 makes five consecutive annual declines against the US dollar since 2018. In October this year, the rupee hit a record low of 83.12 per dollar.

    Rupee's fall in 2022 can't be compared to 2013

    Although 2022 saw the rupee's worst performance since 2013, the two are not similar. In 2013, the rupee was falling against every major currency. However, this year, it was stable against all major currencies except the US dollar. It's not just the rupee that lost against the dollar in 2022. Every other major currency was in the losing column as well.

    A strong dollar sent the rupee to the pits

    The Indian rupee's poor performance this year is strongly connected to the rallying dollar. The US Federal Reserve's hawkish monetary policy to control inflation sent the dollar soaring. The dollar is headed for its biggest gain since 2015. The rupee wasn't also aided by the Ukraine-Russia crisis, which resulted in high oil prices. As a net importer of oil, this too affected rupee's value.

    Share this timeline
    Facebook
    Whatsapp
    Twitter
    Linkedin
    Latest
    Asia
    US Dollars
    Federal Reserve
    Indian Rupee (INR)

    Latest

    Dell Inspiron 14 laptops are cheaper alternatives to Samsung's Book3-series Dell
    Everything to know about Myra Rampal, Arjun Rampal's daughter Arjun Rampal
    Dutch tourist molested, stabbed by resort staff in Goa Goa
    Virgin Orbit's turbulent times: What led to the shutdown  Richard Branson

    Asia

    OTT: Song Joong-ki's K-drama 'Reborn Rich' gets Thai remake  OTT releases
    Netflix to increase Asia content spending by 15% Netflix
    Adani Group to conduct roadshow in Asia to appease investors Adani Group
    Cigarettes After Sex's Greg Gonzalez on breakup with Nour Petite Music Industry

    US Dollars

    Sensex falls 398 points, Nifty settles below 16,950 mark Stock Market
    Sensex slips 289 points, Nifty ends below 17,100 mark Stock Market
    Sensex gains 140 points, Nifty settles around 17,150 mark Stock Market
    Sensex climbs 445 points, Nifty ends above 17,100 mark Stock Market

    Federal Reserve

    US hikes rates for 9th consecutive time: Fight or flight  Inflation
    #NewsBytesExplainer: What is causing Indian rupee's fall against US dollar US Dollars
    How Tiger Global lost $17 billion in tech investments Inflation
    US fines National Bank of Pakistan for anti-money laundering violations New York City

    Indian Rupee (INR)

    Sensex climbs 346 points, Nifty settles near 17,100 mark Sensex
    Sensex climbs 355 points, Nifty settles around 17,100 mark Stock Market
    Sensex and Nifty close flat amid volatility Stock Market
    Sensex falls 344 points, Nifty ends below 17,000 mark Stock Market

    Love Business News?

    Subscribe to stay updated.

    Business Thumbnail
    Indian Premier League (IPL) Celebrity Hollywood Bollywood UEFA Champions League Tennis Football Smartphones Cryptocurrency Upcoming Movies Premier League Cricket News Latest automobiles Latest Cars Upcoming Cars Latest Bikes Upcoming Tablets
    About Us Privacy Policy Terms & Conditions Contact Us Ethical Conduct Grievance Redressal News News Archive Topics Archive Download DevBytes Find Cricket Statistics
    Follow us on
    Facebook Twitter Linkedin
    All rights reserved © NewsBytes 2023