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Revised comments on rising value of rupee - Surinder Anand
09 Apr '07
3 min read
Re-adjustment of rupee is therefore imperative to protect the long term interest of exporters. If need arises, RBI should intervene in the currency market to curb undesirable movements, to help exporters. The committee on Fuller Capital Account Convertibility had recommended that exchange rate should be managed around Real Effective Exchange Rate (REER), which is the weighted average of Nominal Effective Exchange Rate (NEER) adjusted by the ratio of domestic price to foreign price.
NEER is the weighted average of the bilateral nominal exchange rates of the home currency in terms of foreign currencies rate which is an index of a basket of currencies of our major trading partners. The RBI from time to time revises the basis of the index keeping in view significant shifts in India's trade towards developing and emerging economies and other major trade partners. REER can be a valuable input in formulating the exchange rate policy.
NEER is the weighted average of the bilateral nominal exchange rates of the home currency in terms of foreign currencies rate which is an index of a basket of currencies of our major trading partners. The RBI from time to time revises the basis of the index keeping in view significant shifts in India's trade towards developing and emerging economies and other major trade partners. REER can be a valuable input in formulating the exchange rate policy.
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