Thursday, December 1, 2022

USD strengthening, INR not weakening: FM Nirmala Sitharaman in US

News Desk: Finance Minister Nirmala Sitharaman has refused to acknowledge that India’s economy is weakening even as rupee falls against dollar.

Rather, she claimed that India is in a better place than other countries in the world in this respect. Asked as to why the price of money falling compared to the dollar in the international market, Nirmala Sitharaman clarified, “The value of currency is not falling. In fact, the dollar is getting stronger.”

India’s finance minister is currently on a visit to America.

In a press conference in Washington on Saturday, she was asked about the fall in the value of currency.

In response, the finance minister said, “The value of our currency is not falling. The US dollar is strengthening. Compared to other currencies of the world, the Indian currency is in relatively good shape.”

Nirmala claimed that the US dollar is getting stronger.

There the currencies of other countries of the world are weakening due to the diplomatic situation. Moreover, the Reserve Bank of India is also trying its own way to reduce the fall in the price of rupees.

Market experts believe that the record fall in the value of rupee is due to various global reasons like continuous increase in crude oil prices, fear of global financial recession, lack of foreign investment.

Only last week, the price of the rupee fell to an all-time record average of 82 rupees against the dollar.

Statistics show that the price of rupee has decreased by 10.6 percent this year alone.

This decline is more than 25 percent in the last 8 years. But, the FM, has denied that INR has fallen due to inherent weakening.

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