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Rupee vs Dollar: In the year 2023, there is going to be a lot of instability regarding the rupee. Economics Capital has estimated that the rupee may fall to 85 against the dollar in the year 2023. Along with this, the research house has also said that by the end of 2023 it will recover up to 80, while by the last month of 2024 it can come up to 78 against the dollar.
Jonas Golterman, senior market economist at Capital Economics, said in a note that the dollar has held steady over the past month after falling sharply in November. In such a situation, we are thinking that the slowing global economy and market conditions will promote another leg-up in the dollar in the first half of 2023. The Economist further said that the dollar will strengthen against the currencies of other countries in the coming quarter. This is because the number of risk takers has decreased and the pace of global growth has also remained slow.
Rupee will make a big recovery by the end of 2024
The research house forecasts the rupee to trade at 83 against the dollar at the end of this month and further slide to 84 by the end of March 2023. Also, by the end of June, it is expected to fall to 85. According to estimates by Capital Economics, the currency is likely to see some recovery in the second half of 2023, closing at 80 against the dollar by the end of the year and 78 by the end of 2024 with a major recovery.
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Rupee fared better than other countries
Due to the fear of recession in the world, there has been a big decline in the currency of many countries. The rupee has also depreciated sharply. It has fallen to a new low this year at 83 against a dollar. Although it has performed well against the currencies of many countries. Nevertheless, in the new year, due to slowing down of this global growth, the Indian currency may have to suffer further losses.
Significantly, the Reserve Bank has taken several measures to stop the fall of the rupee. The central bank has controlled the rupee by selling dollars. Along with this, the repo rate has also been increased several times.
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