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06 May 2016, Vicky Bufton, EMIS Content Manager

Rupee stronger at real effective exchange rates

Finance Minister Arun Jaitley informed the Indian Parliament last week that although the average annual exchange rate had fallen by over 6 per cent to 65.5 per dollar over the last year, it still remained strong when compared to most global currencies, appreciating by 5.5 per cent in 2014- 15 and 3 per cent in 2015-16.

Jaitley stated in reply to a question on reasons for the rupee’s failure to maintain stability against the dollar, that "during 2015-16, the average annual exchange rate of the rupee was 65.5 per US dollar as against an average level of 61.1 in 2014-15. The depreciation in 2015-16 to the tune of 6.6 per cent largely reflects the general appreciation of the dollar globally against most currencies".

During the same period of 2015-16 the Euro depreciated by 12.5 per cent and the pound by 6.7 per cent against the dollar.

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