The rupee’s depreciation against the dollar in the wake of the Omicron onslaught and the Ukraine war this year is way lower than its slump during earlier crises, according to a finance ministry analysis. While the rupee has depreciated almost 7% against the greenback since January 2022, it had lost as much as 28% during the so-called taper tantrum (May 3-August 28, 2013), 28% during the global financial crisis (February-October 2008) and the 22% during the Asian financial crisis (August 1997-August 1998). To ease pressure on the foreign exchange reserves apart from smoothening volatility in the forex market, the central …
