The
Economic Survey 2013-14, presented today in the Lok Sabha by the Union Finance
Minister Shri Arun Jaitley, has noted that the annual average exchange rate of
the rupee went up from Rs. 47.92 per US dollar in 2011-12 to Rs. 54.41 per US
dollar in 2012-13 and further to Rs 60.50 per US dollar in 2013-14. The large
depreciation of the rupee during the course of the year, notwithstanding
sizeable accretion to reserves in 2013-14, could partly be attributed to
frictional forces and partly to the role of expectations in the forex market.
The rupee has stabilized recently, reflecting an overall sense of confidence in
the forex market as in other markets.
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