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Nirmala Sitharaman says Rupee is Not Dropping, Dollar Is Rising. Whats The Difference?

Finance Minister Nirmala Sitharaman, at a media briefing in Washington D.C., Remarked as she defended the rupee’s 8% decline in value relative to the dollar this year, that the rupee had not weakened but rather that the dollar had risen.

Finance Minister Nirmala Sitharaman, at a media briefing in Washington D.C., Remarked as she defended the rupee’s 8% decline in value relative to the dollar this year, that the rupee had not weakened but rather that the dollar had risen.

The minister’s comment was poorly received on social media or by the opposition, but data supports the minister’s assertions. In 2022, the US dollar has been strong.

In response to a question during the media briefing Minister Sitharaman said that The value of the dollar keeps rising. It follows that all other currencies are performing against the dollar’s rise. The minister said that she was not talking about technicalities but The Fact That the Indian rupee has probably survived the rise in the value of the dollar. And she thinks the Rupee, As compared to many other emerging market currencies, has performed much better.

Nirmala Sitharaman

The Finance Minister further said that the Reserve Bank of India (RBI) was making efforts to control the volatility of the rupee and did not use market intervention to stabilise the value of the rupee.

The Finance Minister further said that the Reserve Bank of India (RBI) was making efforts to control the volatility of the rupee and did not use market intervention to stabilise the value of the rupee.

In response To Inquiries From News Agency ANI regarding the steps being taken to stop the decline of the rupee, the Minister said that the Reserve Bank of India’s efforts are geared More Toward Ensuring that there is not too much volatility, it is not to interfere in the Market to stabilize the Value of the Rupee. The sole exercise RBI is involved in is controlled Volatility of the rupee And As She Had Previously Mentioned, Rupee will find its own level.

According to the Finance Minister, India’s inflation is at a manageable level.

Minister Sitharaman said that the macroeconomic fundamentals and the economic fundamentals in India are both strong. The foreign currency reserve is enough And Therefore The Inflation Rate is also at a manageable level.

The International Monetary Fund, due To Significant Headwinds, revised its estimate of India’s growth This Month To 6.8%. The Reserve Bank of India downgraded its GDP forecast Last Month From 7.2% to 7%.

In September, India’s Consumer Price Index (CPI) inflation rose to a five-month high of 7.41%, up from 7% Last Month, With the print remaining above the upper tolerance level of the Reserve Bank of India’s inflation Targeting Framework For the ninth Consecutive Month.

In response to questions, Sitharaman Who Also Held 24 bilateral talks and roughly a dozen multilateral ones in addition to attending the IMF and World Bank meetings, said that she would love to lower inflation even further below 6% and that The Administration Is Working Toward This Goal.

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The Minister stated that external causes are badly affecting countries and that several around the world, including Turkey, are experiencing double-digit inflation.

The Minister stated that external causes are badly affecting countries and that several around the world, including Turkey, are experiencing double-digit inflation.

Additionally, she said that the external events are having an impact on the country and it is Affected As Well. However, each time bringing it to this level has been possible and at the very least keep it there because of the many timely actions taken. At this point, bringing it to four would Be Ideal, But we’re trying she said.

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“Compared to the rest of the world, we have to be mindful of the position that we are in. And that she is not asking for celebration but it is true that we are hanging there . And she is particularly aware of the fiscal deficit.”

She further said that compared to the rest of the world, we have to be mindful of the position that we are in. And that she is not asking for celebration but it is true that we are hanging there . And she is particularly aware of the fiscal deficit.

She claimed that the government was monitoring the widening trade deficit to see if it was increasing disproportionately towards any particular nation. The Minister was responding to a Query Regarding The rise in the trade gap with China to around $87 billion.

In September, India’s trade deficit increased to $25.71 Billion As Imports were $61.51 billion compared to exports of $25.71 billion.

Nirmala Sitharaman said that The Items That are imported are more of intermediaries than they are less of final consumption goods. She said that the import of raw materials and intermediate goods has a potential for exports and value addition.

She Therefore Did not want to become concerned about the net deficit—that is, the fact that imports are significantly higher than exports—right away because, if the situation is carefully considered, the type of imports that are occurring are crucial to both industrial activity of the nation and its ability to add value its exports

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