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INR: Broad based decline against all and sundry

CNY has appreciated by 63% against INR since Dec 2007

ƒ INR has been the worst performing currency in entire EM space. ƒ Current account surplus currencies strengthening against INR (current account deficit currency) ƒ From medium term perspective we believe that INR weakness may persist against most EM peers which run current account surpluses. ƒ However, given the growth and productivity differential between India and US, INR may stabilize and start to appreciate against US$ (but only) after few quarters. Confidential

Source: RMF Research

Slide 25

india _global market  

macro economic environment

india _global market  

macro economic environment

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