MUMBAI: Emerging market currencies have been slammed by the flight to the dollar in 2020 post the covid-19 pandemic, but India’s rupee has been relatively less choppy despite the large pull out from foreign portfolio investors.
The Indian rupee fell 6.35% against the dollar in 2020 as investors have been driven by the dollar’s perception as a safe-haven currency in times of global stress.
Among emerging market currencies, the South African rand that fell 23.78% and the Brazilian real which dropped 21.94% were some of the currencies that have taken a major blow in 2020 so far.
Among other worst hit currencies were the Mexican Peso, 19.50% and the Russian Ruble, 15.09%, a study done by Mint Research shows.