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New Delhi:
Union Finance Minister Nirmala Sitharaman immediately reiterated that the rupee has been robust amongst different main currencies.
Replying to a query in Lok Sabha, Nirmala Sitharaman mentioned the Reserve Financial institution of India has used the obtainable overseas trade reserves that it had as a way to intervene within the markets to be sure that the Greenback-Rupee doesn’t fluctuate an excessive amount of.
“The Indian Rupee has been robust towards each foreign money. Reserve Financial institution has used overseas trade reserves that it has to intervene out there to be sure that the Greenback-Rupee fluctuation doesn’t go an excessive amount of,” Nirmala Sitharaman mentioned.
The RBI infrequently intervenes within the markets via liquidity administration, together with via the promoting of {dollars}, with a view to stopping a steep depreciation within the rupee.
Final week, World Financial institution too maintained that the rupee fared comparatively nicely in 2022 compared to different rising market friends. The World Financial institution revised India’s GDP forecast to six.9 per cent from earlier 6.5 per cent.
A senior World Financial institution economist Dhruv Sharma had mentioned on final Tuesday: “The rupee has depreciated nearly 10 per cent over the course of this yr. Which may sound like a big quantity, however relative to many different rising market friends, India hasn’t fared that badly.”
The rupee has come considerably off its all-time low. At the moment, it’s buying and selling round 82.0 towards the US Greenback as towards a file low of 83 it breached in mid-October.
Tightening financial coverage by the US Federal Reserve and central banks in different superior economies had earlier triggered the depreciation of the Indian foreign money. A rise in coverage charges within the US and different superior economies usually results in a depreciation of the rupee.
(Apart from the headline, this story has not been edited by NDTV workers and is revealed from a syndicated feed.)
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