Rupee Crashes to All-time Low Against USD, FM Sitharaman Says Indian Currency Performed Much Better

As the rupee’s free fall against dollar continues and recently touched its all-time low at 82.68, Finance Minister Nirmala Sitharaman has said that the Indian currency performed better than others and it will find its own level.

Sitharaman, who is on an official visit to the US till October 16, said that all currencies are performing against strengthening dollar.

“First of all, I would not look at it as rupee sliding and look at it dollar strengthening. So, all currencies are performing against strengthening dollar. India’s rupee has switched to this dollar great swing up… I think Indian rupee has performed much better than currencies of any other market emerging countries. But I think the efforts by RBI more towards seen… is not to intervene in the market and fix the value of rupee. So, containing the volatility is the only exercise RBI is involved. Rupee will find its own level,” she told reporters when asked on the value of Indian Rupee dropping against the Dollar.

#WATCH | USA: Finance Minister Nirmala Sitharam responds to ANI question on the value of Indian Rupee dropping against the Dollar as geo-political tensions continue to rise, on measures being taken to tackle the slide pic.twitter.com/cOF33lSbAT

— ANI (@ANI) October 16, 2022

Meanwhile, State Bank of India Chairman Dinesh Khara said the Indian rupee has weakened essentially due to the strengthening of the dollar index but it is holding well as compared to currencies of other emerging market economies.

He said depreciation of the rupee is a cause of concern, especially for a country which has significant imports.

Earlier, Sitharaman had said that the Indian Rupee is holding up well because of the strength of our macroeconomics fundamentals.

“We are far better than many other countries whose currencies have fallen pathetically against US dollar. The interventions, if at all, the Reserve Bank of India (RBI) makes using the Indian reserve. 75 billion has been used essentially to stop fluctuation. The RBI is not aiming at fixing the rate. The government doesn’t believe in that,” she said at the CNN-News18 Town Hall.

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