The current bout of depreciation of the rupee may be a boon for exporters as well as local producers worried about rising imports. The chart shows the Bank for International Settlements’ real effective exchange rates (REERs) for various currencies, with 2010 as the base of 100. REER is the weighted average of a country’s currency relative to an index or basket of other major currencies, adjusted for the effects of inflation.

The extent of a currency’s appreciation depends a lot on the initial date chosen. Nevertheless, as the chart indicates, from the beginning of 2016, the rupee has appreciated more than most other currencies.

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