The Indian rupee ended 2022 as the worst-performing Asian currency with a fall of 11.3%, its biggest annual decline since 2013, as the dollar rocketed on the U.S. Federal Reserve's aggressive monetary policy stance to tame inflation.
The rupee finished the year at 82.72 to the U.S. currency, down from 74.33 at the end of 2021, while the dollar index was headed for its biggest yearly gain since 2015.The rupee was also a victim of a rally in oil prices sparked by the Russia-Ukraine conflict, which pushed India's current account deficit to a record high in the September quarter in absolute terms.
Most traders and analysts expect the currency to move between a tight 81.50-83.50 range in the first quarter. But considering several uncertainties heading into 2023, such as tight monetary policy conditions, likely recession in some economies and an ongoing geopolitical conflict, gauging the direction of share markets had become tough, they added.
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