Rupee weakened by 40 points and went up to 52 in no time, and has been depreciating continuously since then
Subject Indian Rupee | Rupee vs Dollar
Those who have been tracking the rupee for the past two decades will remember that it rose from 49 to less than 40 against the dollar between 2002 and 2007. There was a lot of chatter around the 40 level that the rupee was moving towards 35. There was an era when foreign derivatives were in vogue and many exporters had bet on leveraged derivatives structures, betting on the strength of the rupee. This was followed by the 2008 financial crisis which resulted in heavy losses on foreign derivative products for many exporters.
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