INR Against US Dollar: Finance Minister Sitharaman said – Rupee is not falling, dollar is getting stronger; know its meaning

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Union Finance Minister Nirmala Sitharaman on the occasion of 5th GST Day.

Union Finance Minister Nirmala Sitharaman on the occasion of 5th GST Day.
– Photo : PTI

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The statement of Union Finance Minister Nirmala Sitharaman regarding the falling price of Indian Rupee remains a topic of discussion. Actually, he has attributed the depreciation of the rupee to the strengthening of the dollar. The rupee has depreciated by eight per cent against the Greenbank this year.

Talking to reporters after attending the annual meeting of the International Monetary Fund (IMF) and the World Bank, the Finance Minister said that the fundamentals of the Indian economy are strong and inflation is low compared to other parts of the world.

When asked the reason for the weakening of the rupee, he said, “First of all, I don’t see it as a depreciation of the rupee, I see it as a continuous strengthening of the dollar, the dollar is getting stronger.” He further said, all other currencies around the world are performing against the dollar.

Sitharaman said, I am not talking technical, but the fact is that India’s rupee has probably suffered this dollar strength, there the exchange rate (exchange rate) is in favor of dollar strength and I think Indian The rupee has performed well against many other emerging market currencies.

The rupee closed at 82.35 against the US dollar on Friday. It touched another record low of 82.68 on Saturday, after which the Reserve Bank of India is likely to intervene. Some analysts believe that the central bank may have spent close to $100 billion last year to protect the rupee.

India’s foreign exchange reserves stood at US$532.87 billion as of October 7, as against US$642.45 billion a year ago. The Reserve Bank of India and Sitharaman have earlier attributed the fall in foreign exchange reserves to valuation changes arising from the strengthening of the US dollar.

NCP calls the statement ‘absurd’
The Nationalist Congress Party called the Finance Minister’s statement absurd. The party said Sitharaman should focus on her ministry instead of striving for BJP’s victory in the next elections. Protecting the country’s economy is the most important job of Sitharaman as the Finance Minister.

Expansion

The statement of Union Finance Minister Nirmala Sitharaman regarding the falling price of Indian Rupee remains a topic of discussion. Actually, he has attributed the depreciation of the rupee to the strengthening of the dollar. The rupee has depreciated by eight per cent against the Greenbank this year.

Talking to reporters after attending the annual meeting of the International Monetary Fund (IMF) and the World Bank, the Finance Minister said that the fundamentals of the Indian economy are strong and inflation is low compared to other parts of the world.

When asked the reason for the weakening of the rupee, he said, “First of all, I don’t see it as a depreciation of the rupee, I see it as a continuous strengthening of the dollar, the dollar is getting stronger.” He further said, all other currencies around the world are performing against the dollar.

Sitharaman said, I am not talking technical, but the fact is that Indian rupee has probably suffered this dollar strength, there the exchange rate (exchange rate) is in favor of dollar strength and I think Indian The rupee has performed well against many other emerging market currencies.

The rupee closed at 82.35 against the US dollar on Friday. It touched another record low of 82.68 on Saturday, after which the Reserve Bank of India is likely to intervene. Some analysts believe that the central bank may have spent close to $100 billion last year to protect the rupee.

India’s foreign exchange reserves stood at US$532.87 billion as of October 7, as against US$642.45 billion a year ago. The Reserve Bank of India and Sitharaman have earlier attributed the fall in foreign exchange reserves to valuation changes arising from the strengthening of the US dollar.

NCP calls the statement ‘absurd’

The Nationalist Congress Party called the Finance Minister’s statement absurd. The party said Sitharaman should focus on her ministry instead of striving for BJP’s victory in the next elections. Protecting the country’s economy is the most important job of Sitharaman as the Finance Minister.

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