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HindustanTimes Wed,16 Apr 2014

Rupee set to end 2012 with losses despite big inflows

Reuters  New Delhi, December 28, 2012
First Published: 09:41 IST(28/12/2012) | Last Updated: 09:45 IST(28/12/2012)

The rupee is down 3% for the year as of December 26, and is set to end the year with losses.

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The rupee is on course to become Asia's third worst performing currency this year: only the Japanese yen and the Indonesian rupiah have posted bigger losses, according to the currencies tracked by Reuters.

The rupee has had a volatile 2012, slumping to a record low of 57.32/dollar in late June, on concerns about India's current account and fiscal deficits.

Although the currency has recovered since mid-September when the government pushed ambitious reforms in retail and aviation, the performance contrasts sharply with the 25% gain in the Sensex this year.

The rupee is down even after the country attracted $24 billion in foreign inflows into stocks, the second highest in the past five years.

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