Rupee declines strongly in US dollar, rupee should be monitored at the rate: Arvind Virmani


New Delhi:
NITI Aayog member Arvind Virmani said that the recent decline in the rupee has come due to the strengthening of the US dollar. He also suggested India to look at the rupee-e-language exchange rate in this era of global uncertainty. In an interview with ‘PTI-Bhasha’, Virmani said that the declared policy of the Reserve Bank of India (RBI) is that it Does not target a specific exchange rate but “excessive” interferes in the market to prevent instability.

He said, “When we talk about the rupee-dollar rate, it involves two factors … the first US dollar gains more … what you are seeing … that American (Dollar (dollar ) It is due to the boom in. ”

NITI Aayog member said, “Therefore it is not really under our control and there is nothing that our policy makers need to worry about.”

Rupee lost nine paise in early trade today

The Indian rupee fell nine paise to 87.16 per dollar on Wednesday in early trade on Wednesday. Forex traders said that market participants are considering the impact of the fees being levied by the US and China, whose pressure is visible on the local currency. However, the intervention of any central bank can support the rupee. The rupee opened at 87.13 against the US currency in the Antarbank Forex exchange market and then slipped to 87.16 per dollar, which declined by nine paise against the previous closed price It shows

The rupee closed at 87.07 against the US dollar on Tuesday. Meanwhile, the dollar index, depicting the US dollar position against six major currencies, fell 0.06 percent to 107.89.

Rupee reached all -time low against dollar on Monday

Let us know that the rupee has declined significantly in recent weeks and on Monday it reached an all -time low of 87.29 against the US dollar.

Virmani said that the second factor is depreciation in relation to the index and a way to measure it is to compare it with other countries, as the normal increase of the rupee affects everyone. He said, “As someone recently suggested, we should keep a close watch on the Rupee-Auan (‘Yuan’, China’s currency.) This is a good suggestion. Of course, in this era of uncertainty, we have to keep a wide monitor on our competitors as well.

Rupee pressure for last few months

The Indian rupee has been under pressure in the last few months, but it has gained the lowest instability between the Asian and global counterparts against the US dollar. The reasons for the rupee reaching a record -low on a daily basis against the US dollar include the increase in the dollar index after an indication of a low cut in interest rates in 2025 by the US Federal Reserve.

On RBI’s scope for cuts in interest rates, Virmani said, “If we look at the history of ourselves and others, it is usually a bad idea to tighten both fiscal and monetary policy together in the era of tremors.”

He said, “Therefore we have to be more target. This does not mean that we only take fiscal or monetary measures, but the coordination should be done carefully. ”



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