In its major efforts, the finance ministry is in touch with the Reserve Bank of India for market intervention to check rupee depreciation. Recently, the rupee has weakened to the lowest level against US dollar. Besides, the Reserve Bank of India is also selling dollars to pause the rupee fall, which led to decline in forex reserves from $426 billion in April to $400.10 billion at the end of August.
Finance Ministry said that the fall in rupee is not secular as it has strengthened against UK pound, euro, China yuan and Japanese yen, adding that there is nothing to worry about the situation as most of the global currencies have been impacted by strengthening dollar. In fact, rupee has strengthened against various other currencies.
Further, Ministry said that the RBI has sufficient foreign exchange reserve and noted that the government has the option of tapping NRIs for raising foreign exchange but a decision in this regard would be taken after due consideration.