INR – everything is relative
BACKGROUND: The Indian rupee’s (INR) absence from the wider Asian FX sell-off is evidenced by its very modest 0.6% loss against the USD since March 11. This was the date when the Asian FX benchmark, the ADXY Bloomberg-JPMorgan Asia currency index, posted its highest weekly close since December 1997. The subsequent sell-off resulted in constituent losses ranging from -1% for Philippine peso to -3.94% for Taiwan dollar.
The relative composure of the rupee compared to its Asian neighbours can be
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