# Indian rupee depreciated 8% in FY23, appreciation bias may continue in FY24

> The rupee fell 8% against the dollar in FY23, reaching a low of 83.28 in October, and weathered net portfolio outflows of over $7 billion. Analysts expect an appreciation bias to continue into FY24 as the current account moved into surplus.

- Date: 2023-03-31 · published 2023-03-31T12:00:00.000Z
- Category: macro · region India · magnitude low
- Page: https://feedsoft.ai/events/37140-indian-rupee-depreciated-8-in-fy23-appreciation-bias-may-continue-in-fy24
- Commodities: [Indian Rupee (INR per USD)](https://feedsoft.ai/c/USDINR.md)

## Why it matters

A weaker rupee in FY23 raised India's import costs and supported its export competitiveness. Expected appreciation would modestly ease costs for Indian buyers of imported feed ingredients.

## Read by commodity

- USDINR: neutral

## Sources

- cnbctv18.com: https://www.cnbctv18.com/market/currency/indian-rupee-depreciated-8-percent-in-fy23-appreciation-bias-may-continue-in-fy24-16312841.htm

---
Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.