Not concerned about rupee value, RBI managing volatility: Finance Secretary

New Delhi, Feb 3: Amid rupee falling to a record low level of 87.29 to a dollar, Finance Secretary Tuhin Kanta Pandey on Monday said there is no concern over rupee value and the Reserve Bank of India is managing the volatility of the local currency.

“There is no concern about the value of the rupee. The volatility in rupee is being managed by the RBI,” Pandey told reporters.

He said the Indian rupee is “free-float” and no control or fixed rate is applicable on the currency.

He said the exchange rate is facing pressure amid unabated foreign fund outflows.

The rupee depreciated 67 paise to hit record low of 87.29 against the US dollar in early trade on Monday after Trump Tariffs on Canada Mexico and China triggered fears of a broad trade war.

Donald Trump slapped Canada and Mexico with 25 per cent duties and China with a 10 per cent duty, The move was the first strike in what could usher a destructive global trade war, forex traders said.

In 2025, the Indian rupee depreciated 1.8 per cent from the 85.61 to a dollar level on December 31, 2014.

The rupee continued to face pressure due to sustained foreign fund outflows and the broad strength of the American currency in the overseas markets due to unabated dollar demand from oil importers and weak risk appetite.

Foreign institutional investors (FIIs) offloaded equities worth Rs 1,327.09 crore in the capital markets on a net basis on Saturday, according to exchange data.

Meanwhile, India’s forex reserves increased USD 5.574 billion to USD 629.557 billion in the week ended January 24, the Reserve Bank said on Friday.

In the previous reporting week, the overall kitty had dropped USD 1.888 billion to USD 623.983 billion.

The reserves have been on a declining trend for the last few weeks, and the drop has been attributed to revaluation, along with forex market interventions by the Reserve Bank of India (RBI) to help reduce volatilities in the rupee.(PTI)

Hot this week

Pay hike of Assam ministers, MLAs likely as 3-member panel submits report

Full report likely by Oct 30 Guwahati Sept 25: There...

Meghalaya man missing in Bangkok

Shillong, Jan 10: A 57-year-old Meghalaya resident, Mr. Treactchell...

ANSAM rejects Kuki’s separate administration demand, says bifurcation not acceptable

Guwahati, Sept 8: Rejecting the separate administration demand of...

Meghalaya Biological Park Inaugurated After 25 Years: A New Chapter in Conservation and Education

Shillong, Nov 28: Though it took nearly 25 years...

Meghalaya’s historic fiber paves the way for eco-friendly products and sustainable livelihoods

By Roopak Goswami Shillong, Oct 25: From making earbuds to...

DRI busts cross-border drug racket in Mizoram, seizes ₹9.72 crore in meth tablets

Guwahati, June 1: In a major crackdown on cross-border...

3,802 people affected, 883 houses damaged as heavy rain batters Manipur

Imphal, Jun 1: Heavy rain wreaked havoc in Manipur...

China says Hegseth touting Cold War mentality in calling it threat

Beijing, Jun 1: China on Sunday denounced US Defence...

One dies as heavy rain lashes Agartala, other parts of Tripura

Agartala, Jun 1: A man died after he fell...

BJP govt in Assam concerned for power, money, land, syndicate: Gaurav Gogoi

Guwahati, Jun 1: Assam Congress president-designate Gaurav Gogoi on...

9-year-old girl from Assam is 2nd runner-up at ‘Britain’s Got Talent’

Guwahati, Jun 1: Nine-year-old Binita Chetry from Assam has...
spot_img

Related Articles

Popular Categories

spot_imgspot_img