Most South Asian currencies—including the Indian rupee and the Bangladesh taka— depreciated against the United States dollar between January and November 2024, the United Nations World Economic Situation and Prospects (WESP) report released on Thursday said. The United States dollar remained strong for most of 2024, except for a period of weakness from late July through September amid market expectations of a Federal Reserve rate cut. Following this temporary setback, the United States dollar resumed its upward trajectory during the fourth quarter of 2024. In the near term, depreciation pressure on South Asian currencies is expected to ease, as monetary loosening in the United States has increased the attractiveness of both direct and portfolio investments in the region’s economies.