New Delhi [India]Aug 2 (ANI): Federal Finance Minister Nirmala Sitharaman said on Tuesday that the Indian rupee has not collapsed in value and has in fact performed better against the US dollar than other major global currencies.
In response to a question at Rajya Sabha, the Finance Minister said, “Even there, the Indian rupee’s performance has endured the impact of the US Federal Reserve’s decision much better than any other peer currency than its own currency. is much better,” he said.
“Indeed, when you compare the Indian rupee to other currencies, it has risen that way,” Sitharaman said while answering a question by Trinamor MP Luigiño Joaquim Faleiro posed in the House of Commons during question time. .
The Finance Minister said, as Faleiro noted, “The rupee has depreciated 28 times by 34% and I was reading the newspaper today and it said it would depreciate even more. The fact is that foreign exchange reserves fell to $572 billion by mid-July due to import pressure.”
In response to parliamentarians, Sitharaman added, “Get the context and let’s talk about the Indian rupee. There will be no collapse.” , we’re still somewhere in that range — let me tell you what I had this morning — as of July 22, it was $571.56 billion in reserves,” the minister said. .
“So it’s not a small amount. Yes, when it was in the 600 range, now it’s down to the upper range of 500, 571, etc. We’re still comfortably positioned,” Sitharaman said. says so. “Thus, as the Finance Minister went on to say, ‘collapse, it is really finding its natural way’, the RBI (Reserve Bank of India) is continuously monitoring; If there is. RBI intervention is not meant to correct the value of the Indian Rupee and is free to find its own course.
The finance minister’s statement comes days after Chief Economic Advisor (CEA) V Anantha Nageswaran said the rupee’s depreciation against the US dollar was lower than other major global currencies such as the euro, British pound and Japanese yen. I was.
He then attributed the depreciation of the rupee and other currencies against the US dollar to aggressive monetary tightening by the US Federal Reserve.
As a result, foreign capital has flowed out of emerging countries such as India, putting pressure on their own currencies. (Ani)
Rupee No Collapse, Better Positioned Than Other Global Currencies: Nirmala Sitharaman
Source link Rupee No Collapse, Better Positioned Than Other Global Currencies: Nirmala Sitharaman