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Rupee most stable Asian currency in FY24 after Sin

Rupee most stable Asian currency in FY24 after Singapore, Hong Kong Record inflows keep bond, currency market steady Record foreign portfolio inflows in 2023-24 helped the rupee and bond to remain stable amid global uncertainties. Domestic markets received foreign inflows of Rs 3.23 trillion in the financial year FY24, as against an outflow of Rs 45,365 crore in FY23. The domestic economic conditions remained favorable with the headline inflation largely remaining within the RBI’s comfort zone of 2-6 per cent. (Between April 2023 and February 2024 CPI inflation was above 6 per cent only on two occasions). Due to this, the monetary policy committee did not hike the repo rate further, which remained unchanged at 6.50 per cent in FY24. Rupee was the third most stable Asian currency against the US Dollar in the financial year 2023-2024 after Hong Kong Dollar and Singapore Dollar primarily due to timely intervention by the RBI. ©SHIRSENDU KARMAKAR #Rupee
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