Rupee plunges nearly 3% in 2024, from 83.24 to record low of 85.59/$

The rupee depreciated by 2.8% against the US dollar in 2024, marking its seventh consecutive year of decline. Contributing factors included RBI's forex intervention strategy, a strong US dollar, and capital outflows due to a shift in investor focus from India to China. Structural issues like inflation differentials and current account deficits also played a role.

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