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‘The rupee fall issue is related to the volatility as a result of the strengthening dollar’: FM Nirmala Sitharaman in interview with Network18 Group Editor-in-Chief Rahul Joshi.
Finance Minister Nirmala Sitharaman.
Finance Minister Nirmala Sitharaman on Friday said it is only against the dollar that the rupee is highly volatile, whereas the rupee is not affected similarly against other currencies. She added that the issue is related to the volatility as a result of the strengthening dollar.
In an exclusive interview with Network18 Group Editor-in-Chief Rahul Joshi, the finance minister said, “It is only against the dollar that the rupee is highly volatile, whereas the rupee is not affected similarly against other currencies. And, there are countries in emerging markets and even in developed countries, whose currencies against the US dollar are also weakening.”
She added that it is an issue related to the volatility as a result of the strengthening dollar.
“It’s not the rupee getting weakening (but the dollar is strengthening). I know I have been trolled immensely for saying this but this is the truth,” the finance minister said.
The rupee on Friday declined 15 paise to close at an all-time low of Rs 88.27 (provisional) against the US dollar amid sustained outflow of foreign funds and fear of additional US tariffs against India. A weak greenback and falling crude oil prices failed to prevent the fall in local unit, forex traders said.
At the interbank foreign exchange, the rupee opened at 88.11 against the US dollar and touched the lowest-ever intra-day level of 88.38 before ending the session at a fresh all-time low closing mark of 88.27 (provisional), down 15 paise from its previous close.
The local unit lost 10 paise to close at 88.12 against the US dollar on Thursday. The previous all-time low for the rupee against the US dollar was at 88.15 on September 2.
“The rupee fell to its record low on rumour of the Trump administration imposing tariffs on the Indian IT sector, taking shares down and USD/INR pair up. However, as news agencies denied the rumour, the rupee recovered slightly though the dollar was still well bid at 87.25 levels,” Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.
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