FM Sitharaman on Rupee’s Movement Against the US Dollar

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FM Sitharaman on Rupee’s Movement Against the US Dollar
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The Indian rupee has been depreciating steadily and has hit a series of all-time lows against the US dollar in June.

On Wednesday, it breached the psychologically significant level of 79/$1 for the first time but climbed 13 paise to 78.9 against the greenback in early trade on Thursday.

Responding to a question on the rupee declining against the US dollar, Finance Minister Nirmala Sitharaman asserted that the domestic currency is comparatively better placed than other global currencies against the greenback.

"We are relatively better placed. We are not a closed economy. We are part of the globalised world. So, we will be impacted (by global developments)," said the FM.

The domestic currency has been tumbling amid high global crude oil prices, led by geopolitical tensions due to the Russia-Ukraine crisis, mounting inflationary pressures, global central banks adopting aggressive monetary policies to tame the red-hot inflation and relentless offloading of Indian shares by foreign investors.

Read Also: INR Falls to Record Low: Factors Driving the Currency Slide & Expert’s View

Michael D Patra, the Deputy Governor of RBI said last week that the central bank will avoid ‘jerky movements’ of INR while underlining that the domestic currency witnessed the least depreciation in recent times.

Read Also: Any Sharp Rupee Depreciation Not Only Hurts Importers But Also Exporters: Sodhani

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  • Next Step Investment @Next Step Investment
    Its time to send BJP govt to home.
    Like 5
  • Next Step Investment @Next Step Investment
    Seems govt wantedly depreciating rupees vslue.
    Like 1
    • Next Step Investment @Next Step Investment
      *value
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  • Puspandar Singh @Puspandar Singh
    puspandarsingh965
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