Rupee gains against dollar masks a weakening against euro and other currencies
Mumbai: Most of the recent market focus has been on the rupee’s modest gains against the dollar. Yet, a closer inspection of currency trends reveals a broader bout of weakness: the Indian currency has slid against a basket of non-dollar counterparts, notably the euro and the pound, complicating the picture for policymakers and market participants.Abhishek Goenka, chief executive of IFA Global, highlighted the rupee’s decoupling from the greenback’s trajectory. “A weaker rupee against non-dollar currencies is positive for exporters, provided they are not overhedged,” he said, noting that euro and...