Silent correction in rupee, even as dollar weakens against major currencies

The reason for rupee's relative sluggishness is rising oil prices. However, a correction in overvalued rupee was long overdue

In the past six months, the Malaysian ringgit has risen 9.8 per cent in the past six months against the dollar, South African rand has risen 11.36 per cent, but rupee has strengthened only 0.94 per cent.
 
That makes rupee one of the most stable currency in the region, or in emerging markets, and one of the worse performers too. The underperformance of rupee is perhaps good news for the export sector, as the country’s competitiveness edges forward, but considering India is an oil-importing country, a strong dollar helps contain inflation.
 
Other emerging market currencies have rallied as