The Finance Minister said these five main things about the fluctuations of the rupee
The Indian rupee has hit an all-time low of Rs 80 against the dollar last month. The Indian rupee has seen a rally against the US dollar in the last few days and investors are cautious in the market amid fears of recession, which has weakened the dollar. However, after falling to $80, analysts were apprehensive that the rupee may cross 82 per dollar. Finance Minister Nirmala Sitharaman said in the Rajya Sabha on Tuesday that there is no depreciation in the rupee, but due to the change in the dollar, the rupee is fluctuating.
Five key points of Finance Minister Nirmala Sitharaman about Rupee
- Recently, the Finance Minister said in the Rajya Sabha that the rupee has reached a lower level against the dollar, fluctuations in the Indian currency are being seen due to changes in the dollar. The direction of the rupee is determined by the velocity of the dollar. He said that the rupee has not weakened and is moving at its natural level.
- Compared to other emerging markets, he said, the Indian rupee is outperforming its other currencies.
- On the hike in the US Federal Reserve Bank’s benchmark rate, he said, “We are not harmed by the impact of rate hike by the Federal Reserve Bank against other currencies.” The dollar has risen to a decade high due to a rate hike by the Federal Reserve.
- On the role of RBI, he said, when prices are more volatile, the central bank constantly monitors and intervenes. He said that this intervention of RBI is not to correct the value of rupee, but the purpose of RBI is to help rupee find its true place.
- Talking about the recent value of the rupee, the rupee rose by 12 paise to 78.94 per dollar in early trade on Tuesday, the highest level in a month due to inflow of foreign funds and weakening of the dollar against major currencies. Is. The rupee opened at 78.96 against the dollar in the interbank foreign exchange market. Later it rose by 12 paise to 78.94 per dollar.