The value of the Indian currency rupee is continuously falling. A bad record has been registered in the name of the weakening rupee. During the last month, the name of the rupee has come second in the list of Asia’s worst currency.
Bangladesh Taka became the worst currency
According to a report by Business Standard, most of the Asian currencies strengthened against the dollar in the month of August. Only the Indian rupee and the Bangladeshi Taka were the two currencies whose value declined against the dollar. Taka became the worst Asian currency in August with a decline of 1.58 percent. After that, the rupee remained at second place by falling 0.17 percent.
Rupee at historic low
The Indian rupee is currently near its all-time low against the dollar. During the last week, the rupee fell below 84 against the dollar. After the month of August, the rupee is continuing to fall in September as well. This month, the Indian currency has weakened by 0.13 percent so far. In this entire financial year, i.e. from April till now, the rupee has weakened by 0.6 percent.
Last year the condition of rupee was good
The rupee performed well in the last financial year and managed to become the third most stable and strongest currency in Asia. During the last financial year, only the Hong Kong dollar and the Singapore dollar performed better than the Indian rupee in Asia. The rupee fell by 1.5 percent in the financial year 2023-24. However, before that, the rupee had fallen by a massive 7.8 percent in the financial year 2022-23.
These are the strongest currencies in Asia
Talking about last month, the best Asian currency was Taiwan Dollar, which strengthened by 2.72 percent against the dollar in the entire month. South Korea’s Won strengthened by 2.47 percent to become the second best Asian currency in August. Japan’s Yen strengthened by 2.61 percent to be third and Vietnam’s Dong strengthened by 1.56 percent to be at the fourth position.
Also read: Historical fall in rupee, for the first time rupee closed at the level of 84.02 against one dollar
