Sunday, 27 April 2025
Sunday, 27 April 2025
Union finance minister Nirmala Sitharaman may have stemmed the flow of tax memes with her Union Budget that makes annual income up to Rs 12 lakh free of income tax, but her claims about the Indian rupee’s resilience don’t hold up.
“I am concerned but I will not accept the criticism that ‘Oh, rupee is weakening!’ Our macroeconomic fundamentals are strong. Rupee wouldn’t be stable against all the currencies if the fundamentals were weak,” Sitharaman told PTI in a post-Budget interview.
However, a month-long analysis suggests otherwise. Between January 5 and 1:50pm, February 4 2025, the rupee has weakened against several major currencies, showcasing a steady decline.
While exchange rates fluctuate, the trend is clear: The rupee is losing ground and not just against the American dollar.
Here’s a breakdown of how much it has depreciated against key foreign currencies, with percentage calculations.
Rupee against Canadian dollar: 1.44% decline
On January 5, 2025, one Canadian dollar was valued at Rs 59.37. By February 4, 2025, it had risen to Rs 60.23, marking a 1.44 per cent depreciation. This means imports from Canada and travel costs have become more expensive over the past month.
Rupee against New Zealand dollar: 1.41% drop
The rupee lost 1.41 per cent of its value against the New Zealand dollar in a month. On January 5, one New Zealand dollar was worth Rs 48.12. By February 4, 2025, it had weakened to Rs 48.807.
Rupee against Australian Dollar: A 1.46% depreciation
The Australian dollar stood at Rs 53.24 on January 5, but reached Rs 54.02 by February 4, 2025, reflecting a 1.46 per cent decline.
Rupee against Singapore dollar: 2.46% fall
Among the seven currencies The Telegraph Online analysed, the rupee has fallen the most against the Singapore dollar. On January 5, one Singapore dollar was valued at Rs 62.60 but by February 4 it had the value of Rs 64.14 – a 2.46 per cent drop. This will impact trade, tourism, and other such business activities between India and Singapore.
Rupee against Euro: 1.63% decline
The euro was worth Rs 88.43 on January 5 and by February 4 it had increased to Rs 89.88, showing a 1.63 per cent depreciation in the value of the Indian currency.
Rupee against Swiss franc: 1.23% drop
The rupee also weakened against the Swiss franc, another stable currency. On January 5, one Swiss franc was at Rs 94.40. By February 4, it had reached Rs 95.57, signalling a 1.23 per cent depreciation of the rupee. This will make Swiss imports and travel to Switzerland costlier.
Rupee against British pound sterling: 1.53% depreciation
The British pound sterling was valued at Rs 106.51 on January 5 but had reached Rs 108.15 by February 4. That is a 1.53 per cent decline in the rupee’s value.
