Currencies of USA and Europe weakened in real terms in 2019 so far, while EMs became more expensive

* Real Effective Exchange Rate (REER): It measures the value of currency against a basket of other currencies, adjusting for inflation-difference across countries. India's REER (as provided by BIS) is a weighted average against forty currencies. Data till July 2019. Data for Germany refers to euro, adjusted for German inflation and trade-weights.