The new series shifts the base year from 2004-05 to 2015-16, existing basket expanded to 40 currencies from 36, with the inclusion of eight new countries and deletion of four. Guria and Jitendra Sokal wrote in the bulletin. The new real effective exchange rate (REER) indices have remained around the benchmark (base year value of 100) for most part of the sample period from 2004-05 to 2019-20, reflecting India’s external competitiveness has improved, RBI officials John V.

The Indian rupee has been near its fair value under a broader real effective exchange rate index of 40 currencies, according to a working paper released in the central bank’s monthly bulletin. Broadly, range can continue between 72.60-73.40,' said Jateen Trivedi, senior research analyst (commodity and currency) at LKP Securities. Risky asset performance shall keep rupee buyer interested. Some RBI intervention being witnessed which helped the rupee to not fall briefly below 72.90. 'Rupee traded in range after a gap-up opening as risky assets keep their outperformance continuing on back of fund inflow globally. Support quality journalism and subscribe to Business Standard.Also Read | The fear of flying at Mount 50K

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