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Reserve Bank of India or RBI stated in a latest monthly update that the strengthening US dollar exerted depreciating pressures on EME currencies in December 2024, leading to a depreciation of 0.7 per cent (m-o-m) in the Indian rupee (INR) during December 2024. Nevertheless, the INR remained one of the least volatile major currencies during the month. The INR depreciated by 0.9 per cent (m-o-m) in terms of the 40-currency real effective exchange rate (REER) in December 2024, majorly on account of negative relative price differentials. India's foreign exchange reserves stood at US$ 634.6 billion as on January 3, 2025, providing cover for about 11 months of imports or about 90 per cent of external debt outstanding at end-September.

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