THE RUPEE IS holding strong against the dollar index — that measures the greenback against six major currencies — compared with other Asian currencies. After a 10% decline in CY22, India’s relative macroeconomic stability has ensured that the currency fared much better, falling 0.20% against the Chinese Yuan, Malaysian Ringgit, Indonesian Rupiah, Vietnamese Dong, and Singaporean Dollar year to date. The rupee has shown the least fall against the index even as it hit an all-time low of ₹83.15 on August 17. However, given the sharp rise in U.S. treasury yields, amid a rate tightening spree by the Fed, the rupee will continue to head lower — albeit slower than its peers.

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