Government eyes on falling rupee, better performance than other currencies: Finance Minister Sitharaman

Finance Minister Nirmala Sitharaman (File Pic)

Finance Minister Nirmala Sitharaman said on Friday that the government is keeping a watchful eye on the impact of the falling rupee’s value on the country’s imports. Sitharaman said that the rupee has performed much better than other currencies.

Finance Minister Nirmala Sitharaman (Nirmala Sitharaman) Said on Friday that the government would pay Rs. (Rupee) Keeping a watchful eye on the impact of the falling price of Rs. U.S. Dollar (dollar) In the context of the continuous fall in the value of rupee in the last few months, Sitharaman said that other currency (Currency) The rupee has performed far better as compared to Rs. Sitharaman said in a program that the Reserve Bank is keeping a very close watch on the exchange rate of rupee.

Impact of falling rupee on imports: Sitharaman

Sitharaman said that we are not alone in this world. We are part of an open economy. According to the Finance Minister, if the rupee has performed much better against the dollar against other currencies.

However, he acknowledged that a fall in the rupee would have an immediate impact on imports and would make imports more expensive. He said that they are very cautious and aware about this, because a large part of our industry depends on the import of some essential commodities for production.

The rupee had fallen below Rs 79 against the US dollar on Wednesday, which is its lowest level ever. Since the start of the Russo-Ukraine war, the rupee has been depreciating continuously in the last few months.

The Financial Stability Report of the Reserve Bank released on Thursday also said that the rupee has shown much better performance against the dollar as compared to other currencies. By the way, the foreign exchange reserves have decreased by $ 40.94 billion in the last four months due to the support of the rupee.

Apart from this, let us tell you that the government will review the tax levied on crude oil, diesel, aircraft fuel every 15 days. Finance Minister Nirmala Sitharaman has given this information today. Today, the government on Friday imposed tax on the export of petrol, diesel and aviation fuel (ATF) by companies like Reliance Industries to other countries. In fact, with Russia offering crude oil at cheaper rates, Indian buyers have increased their purchases from Russia manifold and with this the export of refinery products has also increased.

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