The Indian Rupee has maintained its position as one of the best performing Asian currencies despite ongoing challenges and geopolitical crisis in the Middle East. The Minister of State for Finance stated that this indicates India's strong economic fundamentals. The Rupee's decline against the US dollar in 2024 was primarily driven by the overall strength of the USD and geopolitical tensions in the Middle East. However, the Rupee remains one of the best-performing Asian currencies. A depreciating currency is expected to boost export competitiveness and have a positive outlook for the economy. The RBI closely monitors global developments that could impact the USD-INR exchange rate.