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Officially, the Indian rupee has a market-determined exchange rate. However, the Reserve Bank of India trades actively in the USD/INR currency market to impact effective exchange rates. Thus, the currency regime in place for the Indian rupee with respect to the US dollar is a de facto controlled exchange rate.
The market convention is to quote most exchange rates against the USD with the US dollar as the base currency (e.g. USDJPY, USDCAD, USDCHF). The exceptions are the British pound (GBP), Australian dollar (AUD), the New Zealand dollar (NZD) and the euro (EUR) where the USD is the counter currency (e.g. GBPUSD, AUDUSD, NZDUSD, EURUSD).
The national economy contracted in July 1991 as the Indian rupee was devalued. [29] The currency lost 18% of its value relative to the US dollar, and the Narsimham Committee advised restructuring the financial sector by a temporal reduced reserve ratio as well as the statutory liquidity ratio. New guidelines were published in 1993 to establish ...
India started recovery in 2013–14 when the GDP growth rate accelerated to 6.4% from the previous year's 5.5%. The acceleration continued through 2014–15 and 2015–16 with growth rates of 7.5% and 8.0% respectively. For the first time since 1990, India grew faster than China which registered 6.9% growth in 2015.
The main reasons for the lively market are the low interest rates and the Fed's actions to ensure market liquidity. The iShares iBoxx USD Investment Grade Corporate Bond, an exchange-traded fund with assets directly benefiting from Fed actions, grew by a third between 11 March and the end of April. [98]
India is the largest economy in the region (US$4.11 trillion) and makes up almost 80% of the South Asian economy; it is the world's 5th largest in nominal terms and 3rd largest by purchasing power adjusted exchange rates (US$14.26 trillion). [289] India is the member of G-20 major economies and BRICS from the region. It is the fastest-growing ...
[212] [213] Moody's rating is now the same as ratings given by S&P Global Ratings and Fitch Ratings, which also rate India with the lowest investment grade. [214] In July, Jefferies' reaffirmed a 5% real GDP contraction. Nomura gave the following estimates: -5.6% in Q3CY20, −2.8% in Q4CY20 and −1.4% in Q1-2021. [215]
On one hand, the United Arab Emirates managed in 2013 to export 17 bn USD services exported in 2013 dominated by travel (67.13%), transportation (28.13%), Government services (4.74%). On the other hand, it imported 63.9 bn USD of services imported services dominated by transportation (70.68%), travel (27.70%) and government services (1.62%).