Annual Average Exchange Rate Goes UP
The Economic Survey 2013-14, presented today on 7th
July 2014 in the Lok Sabha by the Union Finance Minister Shri Arun Jaitley, has
noted that the annual average exchange rate of the rupee went up from Rs. 47.92
per US dollar in 2011-12 to Rs. 54.41 per US dollar in 2012-13 and further to
Rs 60.50 per US dollar in 2013-14. The large depreciation of the rupee during
the course of the year, notwithstanding sizeable accretion to reserves in
2013-14, could partly be attributed to frictional forces and partly to the role
of expectations in the FOREX market. The rupee has stabilized recently,
reflecting an overall sense of confidence in the FOREX market as in other
markets.
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