Rupee has held up very well against dollar compared to other currencies: FM

Published on Sep 24, 2022 11:03 PM IST

Reacting to falling rupee, Sitharaman said Indian currency didn’t fluctuate as much as other currencies

Nirmala Sitaraman during a press meet at Council hall on Saturday. (Shankar Narayan/HT PHOTO)
Nirmala Sitaraman during a press meet at Council hall on Saturday. (Shankar Narayan/HT PHOTO)

Finance Minister Nirmala Sitharaman on Saturday said her ministry is keeping a close watch on the depreciating rupee against dollar.

On Friday, the Indian rupee fell 41 paise to an all-time low of 81.20 against US dollar in early trade on the back of US Treasury yields climbing to fresh multi-year highs and dollar demand from importers. On the previous day, the rupee had suffered its biggest single session percentage decline since February, due to lack of aggressive intervention by the Reserve Bank of India (RBI) and a very US hawkish Federal Reserve rate outlook.

Reacting to falling rupee, Sitharaman while speaking in Pune after concluding her four-day visit on Saturday, said, Indian currency didn’t fluctuate as much as other currencies in the world and held up well against the US dollar.

“About rupee I think we should do a bit more looking into how other currencies are behaving versus dollar If any one currency which has held its own and behaving in such a way, or didn’t get into fluctuation as much as other currencies, I think it’s the Indian currency. We have held up very well and the ministry are keeping a very close eye over it,” said Sitharaman.

Of the four days, Sitharaman spent three days in Baramati Lok Sabha constituency as a part of her plan to focus on strengthening BJP’S organisational structure.

When asked about Vedanta-Foxconn project shifting project to Gujrat, Sitharaman reiterated that those in power few months back held back many projects.

“Who were the people who stopped the bullet train project in Maharashtra; who were the people who stopped a 65,000 crore Wadhvan project in Palghar district; who stopped the Nanar refinery project and who created hurdles for the Metro car shed project in Mumbai’s Aarey Colony?” she questioned.

When asked about completion of expansion project at Pune airport, Sitharaman said 70 % work is complete and remaining 30 % will be done soon.

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