Rupee Not Slipping, Dollar Relentlessly Strengthening: Nirmala Sitharaman on the Value of the Indian Rupee

Union Finance Minister Nirmala Sitharaman said the Indian rupee was not slipping but the US dollar was steadily strengthening and the Reserve Bank of India (RBI) was doing its best to contain the fall in the currency. rupee.

Union Finance Minister Nirmala Sitharaman, who is currently on an official visit to the United States, was addressing a press conference in Washington DC. (Photo: Twitter/ANI)

By India Today Web Desk: Union Finance Minister Nirmala Sitharaman says the Indian Rupee is not slipping but the US Dollar is getting stronger all the time and the Reserve Bank of India (RBI) is doing its best to contain the fall in the rupee.

Sitharaman, who is currently on an official visit to the United States, was addressing a press conference in Washington DC when a reporter asked him what challenges the rupee may see in the coming days and what measures taken to prevent it from further depreciating.

“The rupee is not slipping, the dollar is getting stronger all the time… All other currencies are performing against the dollar,” the finance minister said, adding that the Indian rupee has performed better than all other currencies emerging markets.

#LOOK | United States: Finance Minister Nirmala Sitharam responds to ANI’s question on the decline in the value of the Indian rupee against the dollar as geopolitical tensions continue to rise, on measures taken to combat the fall pic.twitter.com/cOF33lSbAT
— ANI (@ANI) October 16, 2022

“Efforts are being made by the RBI to ensure that there is not too much volatility… It is not (for the RBI) to intervene in the market to fix the value of the rupee “, said Sitharaman.

The finance minister’s response comes even after the rupee fell to an all-time low of 82.68 against the US dollar in early trading earlier in the week on Monday.

The rupee fell 8 paise to close at 82.32 against the US dollar on Friday amid greenback strength overseas and lower crude oil prices. On Thursday, the local currency had settled at 82.24 against the US dollar.