Rupee Vs dollar: RBI governor said on the fall of rupee, rupee broke less against yen, euro, swiss franc and pound
Highlights
- Recently the rupee had broken above 80 against the dollar.
- The central bank will absolutely not tolerate sharp fluctuations in the rupee
- Today the rupee weakened by seven paise to open at 79.92 per dollar
Rupee Vs dollar: The Indian rupee is faltering against the dollar. After a strong fall, this week the rupee has crossed the level of 80 against the dollar. It is being feared to fall to Rs 82 now. Meanwhile, Reserve Bank of India (RBI) Governor Shaktikanta Das said on Friday that the Indian rupee is in a relatively strong position against the currencies of developed economies and developing countries. Significantly, in recent times, the Japanese yen, the euro, the Swiss franc and the British pound have devalued far more against the dollar. The rupee is depreciating less against these currencies.
RBI’s steps brought relief
Significantly, the domestic currency had crossed the level of Rs 80 per dollar just a few days ago. The RBI governor said that the central bank will not tolerate sharp fluctuations and volatility in the rupee at all. He said that RBI’s steps have helped in smooth trading of rupee. Das said the Reserve Bank of India is supplying US dollars in the market and thus ensuring adequate supply of liquidity in the market. He also clarified that RBI has not fixed any specific level of rupee target.
Government will intervene if needed
The RBI governor said that there is no need to worry about unrestricted borrowing of foreign currency. He said that a large number of such transactions are being done by public sector companies and the government can intervene and provide help if needed. Das said the current framework for inflation targeting, adopted in 2016 has worked very well, asserting that it should continue in the interest of the economy and the financial sector.
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