The Indian rupee (INR, ₹) held steady against the U.S. dollar in 2023, depreciating just 0.5% to end the year at 83.17 per USD. Notably, the Chinese yuan and the Korean won, currencies of current account surplus nations, depreciated by nearly 3%.
India’s economy contracted by 23.9%. For comparison, Brazil’s GDP contracted by 11.9% and Russia’s GDP by 8%. So, did they really do better than India?