No need to be 'overtly' worried about fall in rupee: DEA Secretary

Economic Secretary Ajay Seth said Tuesday that the rupee is well-managed and there is no reason to "openly" worry about the depreciation of the local currency against the US dollar. 

 He said the value of the Indian rupee is rising against the pound sterling, the Japanese yen and the euro. As a result, imports priced in foreign currencies are cheaper than those priced in US dollars. 

 Rupees fell to a low of $ 80 against the US dollar for the first time on Monday in a daytime spot contract on the interbank foreign exchange market. 

 Local units rebounded from a record low of 80.05, rising 6p at 79.92 against the US dollar on Tuesday and falling 7.5% or 563p against the greenback. The Secretary of Commerce believes that the rupee's fall against the greenback was due to the influx of dollars into the United States from around the world due to the Fed's tightening of interest rates. not required. Earlier this month, the RBI announced a series of moves to encourage foreign exchange inflows, raise corporate borrowing limits abroad and liberalize the standards for foreign investment in government bonds.

The RBI has automatically raised the ECB limit from $ 750 million or equivalent per fiscal year to $ 1.5 billion, easing the standard for foreign portfolio investment in fixed income markets.
Seth further stated that the RBI has not considered a particular level of rupees, but has taken steps to curb excessive volatility.
Finance Minister Pankhaj Chaudary said the Indian rupee has fallen against the US dollar but has risen against major currencies such as the pound sterling, the Japanese yen and the euro.
The Reserve Bank of India (RBI) regularly monitors the foreign exchange market and intervenes in situations of excessive volatility,  said in a written response in Rajasaba. The Reserve Bank of India has raised interest rates in recent months, making the  Indian Rupee more attractive to both residents and non-residents.