New Delhi: With just a week left in this disastrous year of COVID-19, the Indian rupee has been the worst-performing currency in Asia in 2020.
The Indian rupee is down 3.5% this year, having closed at 73.85 per US dollar on Tuesday. Even currencies of economically weak nations like Pakistani rupee and Sri Lankan rupee have done comparatively better, reported Reuters.economy
Some of the Asian currencies have also appreciated, like the Chinese yuan, Philippine peso, South Korean won, Malaysian ringgit and Thai baht.
Like most other countries, India’s economy took a major hit due to the coronavirus pandemic. India’s GDP fell by an alarming 23.9% in Q1 of 2020-21 and 7.5% in the second quarter.