Rupee Losing Out To Asian Counterparts

The rupee is expected to appreciate further against the greenback since on a trade weighted basis the currency is still about 3 per cent undervalued.

Though other global currencies are rising against the dollar at a faster rate, the rupee has made handsome gains against the greenback. It has, however, depreciated against major global currencies.

The dollar is now at a four year low against euro and two year low against Japanese yen.

The rupee has gained about 1 per cent against the dollar in the last one month to close today at a two-year closing high of 46.90 per dollar.

However, it has depreciated about 6 per cent during the same period to close at 54.7889 per euro. The rupee has weakened by close to 3 per cent in the last one month against the pound sterling to close at 76.8088. Similarly, now 100 Japanese Yen fetches you 40.15 rupees against 39.68 a month back.

The rupee has depreciated by 5.81 per cent and 5.25 per cent respectively in one month to be now quoted at 36.2537 per Swiss Franc and 30.7790 per Australian dollar.

The rupee has weakened by 1.18 per cent against the Singapore dollar (SGD) too. The only exception seems to be Hong Kong dollar (HKD) against which the rupee has actually strengthened by 1 per cent.

One can now exchange 27.2034 rupees against one SGD and 6.0297 rupees against one HKD. The dollar