Data | Making sense of Rupee’s record slump to 79 per dollar

On July 1, the rupee breached the 79 per dollar mark for the first time ever. The domestic currency has been dominating the headlines for hitting lifetime lows against the greenback for some time. In 2022, it slipped 6.7% against the dollar (see chart 1). While the rupee has fared better than other emerging market currencies including the Philippine peso (8.1% drop), the Thai baht (8.1%), the Chilean peso (12.3%), and the Polish zloty (15.8%), it is the worst performer among the BRICS countries. During the same period, the dollar index, which gauges the strength of the greenback against six peer currencies, rose by 11%.

Chart 1 | Rupee vs others