Rupee's stability amidst Covid-19 pandemic comforting, puzzling: Crisil

Representative image/Credit: Pixabay Image

Rupee's stability during the Covid-19 pandemic, which has roiled economies across the world, is both comforting and 'puzzling', the research arm of domestic credit ratings agency Crisil said on Tuesday.

The rupee depreciated initially, but has since recovered to the level of 74 against the dollar and is in the league of stable currencies and better performing than all the BRICS currencies, except China, it said.

It attributed the strong show to surplus current account balance, robust foreign flows, high forex reserves, low proportion of short-term debt and weakening tendency of the US dollar.