Indian Rupee weak to Dollar, up against Pound and Euro |
Indian Minister of State for Finance Pankaj Choudhary blamed global factors such as the Russia-Ukraine conflict, soaring crude oil prices, and tightening of global financial conditions as being major reasons for the weakening of the Indian Rupee against the US Dollar. The exchange rate is only one of the several different factors such as demand for domestic and foreign goods, commodity prices, crude oil prices etc. that affect India`s export and import demand. However, the Indian government claimed that merchandise exports touched a record high of US$ 421.9 billion during 2021-22. India`s exports during each month of the current year have been higher than those of the corresponding months of 2021. The overall impact of exchange rate depreciation on domestic prices depends on the extent of pass-through of international commodity prices to the domestic market, the Minister stated. The Minister also said that the Indian Rupee had strengthened against other major currencies such as the British Pound, the Japanese Yen and the Euro during 2022.
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