ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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How Far Is India’s Nominal Exchange Rate from Equilibrium?

The swings in the Indian nominal exchange rates, associated with global events, are driven more by surges in global capital. No evidences of systemic overvaluation are revealed. In fact, the Indian equilibrium nominal exchange rate has depreciated since 2012, despite real appreciation, but the range of ₹ 68–₹ 71 per dollar was close to the equilibrium in 2018.
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