Business

FM Arun Jaitley Blames Constant Rupee Fall Against US Dollar To Global Situation

JAVED SAIFI | 0
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| September 6 , 2018 , 11:05 IST

With the Indian rupee becoming the worst performing currency in Asia due to a continuous decline in its value, Finance Minister Arun Jaitley on Wednesday attributed the 'rupee plummet mode' to global situation.

Jaitley said, “If you look at the domestic economic situation and global situation, there are not domestic reasons attributable to this, but all reasons are global.”

Jaitley also said, “We must bear in mind that dollar has strengthened against almost every currency. The Rupee has either consistently strengthened or remained in a range, not weakened. Most of the other currencies of the world, compared to what it was 4-5 yrs ago, Rupee is better off.”

“RBI is certainly doing whatever is necessary. I don't think there is any need for the world's fastest-growing economy to come out with panic and knee-jerk reactions,” he added.

These remarks of Jaitley came out after a Reuter’s report, that mentioned the Reserve Bank of India is likely to have stepped in to check the free-fall of the Indian rupee in comparison to the US dollar.

Also Read: Major Setback As For First Time Indian Rupee Reaches Rs 71 Per US Dollar

Notably, according to reports in media, the RBI is supporting the rupee from falling to 72 to the dollar mark as the rupee has had touched close to it at 71.95 in early trade at the Interbank foreign exchange market but latter decline by pennies to Rs 71.88 per dollar (recorded at around 10:42 am).

The continuous rupee fall has resulted in expensive imports, and overseas education and foreign travel. Fuel prices touching high sky amid high crude oil import cost.