Amid continues depreciation of Indian currency against US dollar, Finance Minister Arun Jaitley has said the reasons for fall in rupee are global factors. He highlighted that the domestic unit was better off as compared to other currencies. He said ‘I don’t think there is any need for the world’s fastest-growing economy to come out with panic and knee-jerk reactions.’ The rupee’s unabated fall continued for the sixth straight session on September 5, 2018 as it hit yet another closing low of 71.75 against the US dollar, tumbling 17 paise. The battered rupee has lost 165 paise in the last six trading sessions.
Jaitley said ‘If you look at the domestic economic situation and the global situation, there are virtually no domestic reasons which are attributable to this. The reasons are global.’ He further said the dollar has strengthened against almost every other currency and added that the rupee has consistently either strengthened or remained in a range.
The Finance Minister also said ‘It has not weakened...the rupee is better-off’. He added that the rupee has strengthened against other currencies like the British Pound and the Euro. He assured that the Reserve Bank of India (RBI) is working in the right direction and taking necessary action. On the inflation front, he said the government has consistently maintained 4% inflation during the last four years.
