The Indian rupee has made history after being named the best-performing currency in Asia so far in 2024. After an extremely safe and stable 2023, the Indian rupee has started 2024 on a promising note. The Indian rupee appreciated by 0.1% in the first month of 2024.
This comes as a surprise as most of the other Asian currencies have depreciated by somewhere between 1.4 and 4%. Experts claim that there are a few reasons why the Indian rupee is stable. The debt market of India witnessed a net inflow of Rs. 15,793 crores. Moreover, J.P. Morgan has included India in its flagship. India will join the index in June with a 1% stake, increasing by 1% for every passing month until it reaches 10% in April 2025.
The Indian rupee showed remarkable stability against the US Dollar in 2023. This is a stark contrast compared to the year previous when the Indian Rupee ended 2022 on the worst note after being named the worst currency in Asia in 2022. However, now that phase of the Indian rupee is history.
Moreover, the Indian currency is believed to perform quite well in the next few years, considering the various foreign investments India is attracting. Recently, Israeli Semiconductor manufacturing company Tower vowed to invest in India to set up a semiconductor manufacturing unit. Many other leading companies have also shown interest in investing in India.
