When a stick reduces the pain: rupee still sees one of its worst years in 2023 – Markets

By September 5, 2023, the rupee had depreciated over 26% during the calendar year, and it would have made it its worse year since the turn of the century. For context, 2008 was next in line.

But a nearly 9% gain since then to the end of December – largely on the back of administrative measures – meant the rupee closed 2023 with a cumulative calendar-year fall of 19.7%.

Despite the gain,…