rupee that observed depreciation till levels of INR 75.5/USD, which was last seen in June’2020. This depreciation caused the rupee to deteriorate its position from one of the best performing currencies in Asia last quarter to the worst one now.
The weakness was also intensified by unwinding of short dollar positions against the rupee. Further, with an aim to retain the 10-Year G-Sec yield within 6%, India’s central bank announced a gigantic Rs.