Topic 5: RUPEE: MISTY TINKLE

In November 2024, the Indian rupee (INR) experienced significant volatility, primarily depreciating against the US dollar. The rupee weakened to a record low of ₹84.38 against the US dollar by mid-November, marking its worst weekly fall since May 2024. This decline represented a drop of approximately 1.4% for the year up to that point, amidst a strengthening dollar and increasing global economic uncertainties. Despite this depreciation, the INR was noted as one of Asia's better-performing currencies compared to major peers like the Japanese yen and South Korean won, which fell by 8.8% and 7.5%, respectively, during the same period. November 2024 saw a significant depreciation of the Indian rupee due to a combination of external pressures from US economic policies post-election, FPI outflows, and rising global dollar strength, alongside domestic inflationary challenges. Despite these challenges, India's economic fundamentals were highlighted as relatively strong compared to other Asian economies.



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