- India’s current account deficit was at 4.4% of GDP in Q2FY23 as compared to 2.2% of GDP in Q1FY23.
- INR ended 2022 as one of the worst-performing Asian currencies with a fall of 10.14%, its biggest annual decline since 2013, as the USD rocketed on the U.S. Fed’s aggressive monetary policy stance to tame inflation.
- US Fed has raised borrowing costs by an unprecedented 425 bps since March, with rates now standing at their highest level in 15 years.
- Along with the surge in USD strength caused by the Fed's policy actions, the euro has been hit by lingering concerns over the war in Ukraine and the impact of a potential energy crisis.
- During the week, USD fell as the market participants are weighing the impact of China's rapid loosening of its strict COVID-19 rules with a surge in new infections.
- Last week, U.S. Labor Department found that the number of U.S. citizens receiving benefits after an initial week of aid rose to 1.710 million in the week ending Dec. 17.
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