Amid the current global currency fluctuation, Union Finance Minister Niramla Sitharaman on 24 September said that Indian Rupee ‘held up very well’ against the US dollar in comparison to other currencies.
“If any one currency that did not get into the fluctuation of volatility as much as other currencies, it is the Indian Rupee. We have held up very well against the US dollar,” news agency PTI quoted Sitharaman as saying.
She also said that both the Union Finance Ministry and the Reserve Bank of India are keeping a “very close watch” on the situation.
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The Finance Minister is on three-day visit to Pune in Maharashtra, asked a reporter to do a study on how the other currencies are behaving against the US dollar in the latest round of depreciation.
Recently, the rupee value depreciated 30 paise to close at a fresh lifetime low of 81.09 against the US dollar on Friday, while it slumped by 83 paise on Thursday which was the its biggest single-day loss in around seven months. Following this, the value of rupee closed at 80.79.
As per experts and economists, the global value of currencies depreciated as the Ukraine war pushed up commodity prices and this also resulted in steep rate hikes by the US Fed.
Meanwhile, reports arrived that RBI making policy moves to attract more deposits from the diaspora via further incentives and other such attempts to stem the decline.
With agency inputs.
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