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HomeFact CheckWas The Indian Rupee Asia’s Worst-Performing Currency In 2022? Here’s The Truth...

Was The Indian Rupee Asia’s Worst-Performing Currency In 2022? Here’s The Truth Behind Viral Claims

Authors

Kushel HM is a mechanical engineer-turned-journalist, who loves all things football, tennis and films. He was with the news desk at the Hindustan Times, Mumbai, before joining Newschecker.

Several social media users, including verified profiles have been circulating an image that states that the Indian rupee was the worst performing currency in Asia in 2022. 

The posts can be seen here, here and here.

The archived versions of the tweets can be seen here and here.

Fact check

A keyword search on Google using the terms “rupee worst performing Asia”, led us to multiple media reports, such as from Times of India, Hindustan Times, Scroll and The Print, among others, that stated that the Indian Rupee was Asia’s worst-performing currency in 2022.

All the media reports we found had attributed this information to Reuters. Taking a cue from this, we ran a keyword search, which led us to this tweet from Reuters, dated December 30, 2022, pointing to the report.

However, the report, dated December 30, 2022, is titled “Indian rupee ends down more than 10% in 2022, worst since 2013”. According to the report, the Indian rupee ended 2022 as one of the worst-performing Asian currencies with a fall of 10.14%, its biggest annual decline since 2013, as the dollar rocketed on the U.S. Federal Reserve’s aggressive monetary policy stance to tame inflation. 

But does that mean that the INR was the worst performing Asian currency last year?

The Indian rupee ended 2022 as one of Asia’s worst-performing currencies, according to a Reuters report.

The report further said that “the only other Asian currency to fall more than the rupee was the Japanese yen which was set to close 2022 down over 12% against the dollar,” contradicting the claims and the news articles, quoting Reuters, that the Indian rupee was the worst-performing Asian currency of 2022.

Towards the end of the report, we also came across a disclaimer, stating, “This story has been corrected to change the headline, the quantum of rupee’s fall in paragraph 1, and delete the graphic”, indicating that an initial report was wrong and that it had been corrected to state that the Indian rupee was one of the worst and not the worst-performing currency in Asia in 2022.

The Indian rupee ended 2022 as one of Asia’s worst-performing currencies, according to a Reuters report.

We compared the two tweets from Reuters pointing to the above article, posted at 8.30pm on December 30, and 11.35pm the same day, proving that the headline had been corrected.

We then found an archived version of the report, before the correction, which is headlined “Indian rupee ends 2022 as worst-performing Asian currency”. “The Indian rupee ended 2022 as the worst-performing Asian currency with a fall of 11.3%, its biggest annual decline since 2013, as the dollar rocketed on the U.S. Federal Reserve’s aggressive monetary policy stance to tame inflation,” the archived report read.

The Indian rupee ended 2022 as one of Asia’s worst-performing currencies, according to a Reuters report.

Conclusion

The Indian rupee ended 2022 as one of Asia’s worst-performing currencies, according to a Reuters report.

Result: False

Sources
Reuters report, December 30, 2022


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Authors

Kushel HM is a mechanical engineer-turned-journalist, who loves all things football, tennis and films. He was with the news desk at the Hindustan Times, Mumbai, before joining Newschecker.

Kushel HM
Kushel HM
Kushel HM is a mechanical engineer-turned-journalist, who loves all things football, tennis and films. He was with the news desk at the Hindustan Times, Mumbai, before joining Newschecker.

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