Even as the rupee tests the psychological 80-per-dollar mark, it has not just held up against other major global currencies but appreciated considerably against them this year, in a “testament to the resilience of the Indian economy”, a senior finance ministry official told FE. Since January, the rupee has appreciated 4.97% against the euro, 6.25% against the British pound and 12.25% against the Japanese yen. This is in sharp contrast with its 6.9% fall against the dollar in the wake of a rate tightening by the US Federal Reserve and consequent capital flight, and the adverse impact of the Ukraine …
