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Economists are lowering their forecasts for India’s current-account shortfall, thanks to favorable trade trends that are proving to be a blessing for the rupee — currently among the worst performers in emerging Asia.
In the week ending January 13, the reserves surged by $10.417 billion to $572 billion. This is far higher better performance compared to the previous week which ended on January 6.
![BJP, Congress Spar Over FM Sitharaman's Remarks on 'Rupee [Not] Sliding, Dollar Strengthening' - Vimarsana News](https://cdn.thewire.in/wp-content/uploads/2022/10/17121312/image-507-800x400.png)
Sitharaman was addressing a press conference in the US when a reporter asked her assessment of the challenges the rupee could see in the days ahead against the backdrop of geopolitical tensions.
On the back of the strong greenback, stubborn offloading of risker assets by overseas investors, and fear of global recession amidst inflationary pressure, monetary policy tightening, and geopolitical tensions - the rupee has stayed vulnerable against the American currency.
Why is rupee the second-best performer in Asia? The central bank is suspected to have intervened through select state-owned banks to prevent a further climb immediately. Synopsis Rupee appears to be unwavering through the raging viral wave, seemingly negating the dystopian narrative about an economy under siege. MUMBAI: Covid stats now grab a lot of column inches in broadsheets of every description – and they are bound to sway even the diehard optimist in India. Yet, its currency appears to be unwavering through the raging viral wave, seemingly negating the dystopian narrative about an econ...