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rupee with US dollar, euro, British pound and Japanese yen, among others.
While no Indian banks are believed to be involved in these suspected violations, the manipulations being probed include possible manoeuvering in rupee trades against other global currencies like US
At 1.53 cents to the rupee, clearly the dollar is the wrong unit to compare the currency with. We should now benckmark against the US cent. Seen this way, the rupee is stronger than the US currency
Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of the non-US currencies, such as the Euro, Pound and Yen, held in the reserves.
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