India lagged behind many nations including China and Singapore in managing exchange rate with the rupee rising by 10.7 per cent during 2007, said the Prime Minister's Economic Advisory Council.
"In the calendar year 2007, the Indian rupee was among the three emerging market currencies that appreciated the most...," said the EAC in its recent review of the economy.
According to the EAC analysis, while rupee appreciated by 10.7 per cent during 2007, the Chinese yuan rose by only 6.6 per cent during the same period and Singapore dollar by 6.4 per cent.
The currencies of other countries like Russia, Malaysia and South Africa appreciated by 6.8 per cent, 6.3 per cent and 2.5 per cent respectively during the year.
The currencies of South Korea, Mexico and Indonesia, the report said, depreciated against dollar during 2007 by 0.6 per cent, 1.1 per cent and 4.4 per cent respectively.
Among the emerging nations, the countries where the currency appreciation exceeds that of India were Thailand (17.6 per cent) and Brazil (16.6 per cent). The rupee, which witnessed an increase of 1.9 per cent during 2006, shot up by 10.7 per cent in 2007, according to the EAC's economic review.
The advanced nations like UK and Japan seem to have their exchange rate management well in place going by the report as the currency appreciation in the UK during 2007, worked out to be 1.3 per cent, while the Japanese yen during the same period went up by 6.1 per cent.