New Delhi: The rupee has become the second most appreciating currency against the dollar among BRIC currencies, with a surge of 11% in 2007, says an analysis.
While all the four BRIC countries — Brazil, Russia, India and China — have seen a sharp rise in their currencies against the dollar, the pace of rupee appreciation is only next to the Brazilian currency since the beginning of this year.
The rupee has risen from 44.10 levels to 39.34 against the dollar in 2007 so far, way ahead of China’s yuan Renminbi, which gained about 6% in the period, according to an analysis of exchange rates in the four countries versus the greenback.
Russia’s rouble has also seen a rise of 6% in the same period. However, Brazil has registered a faster surge of about 16% in its currency.
The Chinese currency has appreciated to 7.8 yuan from 7.36 yuan against the dollar during the year, while Russia’s rubles grew stronger to 24.75 against the dollar from 26.35 at the beginning of the year. Brazilian real has appreciated to 1.79 to one dollar, from 2.13 at the beginning of this year.
Incidentally, India’s forex reserves, at $272.95 billon, are the second lowest after Brazil ($177 billion) among the four countries.
China has the highest forex reserves among these four at 1.5 trillion, followed by Russia’s $464 billion.