← Back to Curriculum

Intermediate

Case Study: Rupee Depreciation Post 2022, A Currency Case Study

A close reading of the rupee's slide against the US dollar from 2022 onwards, and what it means for an Indian investor's money. Start with how the rupee is actually priced under RBI's managed float and how to read USD/INR, the dollar index and the REER. Walk through 2022, when Fed rate hikes, the Ukraine war and costly crude pushed the rupee to record lows, and see how RBI spent its forex reserves and changed the rules to defend it. Follow the quiet year of 2023, bond index inclusion, the policy shift that followed and the fresh lows after it. Finish with the practical side: which NSE sectors win and lose when the rupee falls, how to hold dollar assets through LRS, international funds and GIFT City, what retail hedging can and cannot do, and a currency checklist for your own portfolio.

MODULES

5

DURATION

4 Hours

TRACK

Alternative Investing

Access Level

LEARNER

Start Learning Now →Sign in to resume

Everything included

Full Text Playbooks

Actionable Exercises

Mobile Reading Mode

Lifetime Updates

Curriculum Breakdown

Chapter 1: Setting the Scene, the Rupee Going Into 2022

3 Lessons

How the Rupee Is Priced: The Market, the RBI and the Managed Float10 min read

Reading the Rupee: USD/INR, the Dollar Index and the REER11 min read

India's Starting Position: Reserves, the Current Account and Capital Flows11 min read

Chapter 2: 2022, the Year of the Strong Dollar

3 Lessons

The Triggers: Fed Rate Hikes, the Ukraine War and Costly Crude11 min read

Anatomy of the Slide: The Rupee Month by Month in 202212 min read

Foreign Investor Outflows and the Widening Trade Gap11 min read

Chapter 3: The RBI Defence

3 Lessons

Spending the Reserves: How RBI Intervenes in Spot, Forward and Offshore Markets12 min read

Opening the Taps: The July 2022 Inflow Measures and Rupee Trade Settlement11 min read

Was the Defence Worth It: Comparing 2022 With 201310 min read

Chapter 4: From Stability to Fresh Lows

3 Lessons

2023: The Year the Rupee Stood Still10 min read

Bond Index Inclusion, a Policy Shift and New Record Lows12 min read

Beyond the Dollar: How the Rupee Fared Against Other Currencies10 min read

Chapter 5: What a Falling Rupee Means for Your Portfolio

4 Lessons

Winners and Losers: IT Exporters, Oil Marketers and Importers on NSE12 min read

Holding Dollar Assets: LRS, International Funds and GIFT City13 min read

Hedging Rupee Risk as an Individual: Currency Futures, Gold and Their Limits12 min read

The Rupee Investor's Checklist: Lessons From Four Years of Depreciation10 min read