We are hearing one of the arguments regarding exchange rate, that The US economy is becoming strong, is the reason for depreciation of Indian Rupee against Dollar.
Whereas this is not a correct argument, as Indian Rupee is depreciating against all major Foreign Currencies. Below is the list of 16 Foreign Currencies, which is notified by Ministry of Finance for using it for Import Declaration at Customs.
Out of 19 Currencies 16 Currencies has depreciated on an average 18 - 19% in last 8 months, from January, 2013. Few currencies have depreciated even up to 22%.
The currencies which have depreciated approx 5% are Australian Dollar, Danish Kroner & Japanese Yen.
