Lagatar24 Desk
New Delhi, Oct 16: Nirmala Sitharaman, the Union Finance Minister, claimed that the Indian rupee is not sliding but the US dollar is strengthening incessantly and that the Reserve Bank of India (RBI) is doing its best to contain the fall of the rupee.
A reporter questioned Sitharaman, who is currently on an official visit to the United States, during a news conference in Washington, DC, about the issues the rupee would face in the coming days and the steps being taken to stop further currency depreciation.
“The rupee is not sliding, the dollar is strengthening incessantly…All other currencies are performing against the dollar,” said the Finance Minister.
“Indian rupee has performed better than any other emerging market currencies,” she added.
“Efforts are being made by the RBI to ensure there is not too much volatility… It is not (for the RBI) to intervene in the market to fix the value of the rupee,” she further said.
#WATCH | USA: Finance Minister Nirmala Sitharam responds to ANI question on the value of Indian Rupee dropping against the Dollar as geo-political tensions continue to rise, on measures being taken to tackle the slide pic.twitter.com/cOF33lSbAT
— ANI (@ANI) October 16, 2022
Even though the rupee hit an all-time low of 82.68 to the US dollar during early trade on Monday to start the week, the Finance Minister responded.
Notably, the rupee fell by 8 paise to close at 82.32 against the US dollar on Friday amid a firm greenback overseas and sliding crude oil prices. On Thursday, the local currency had settled at 82.24 against the US dollar.
