No collapse in Indian rupee: Nirmala Sitharaman

NEW DELHI: Amid concerns over the decline in the value of the rupee against the US dollar, Finance Minister Nirmala Sitharaman on Tuesday asserted there is no collapse of the unit and it is actually finding its natural course.

Sitharaman informed the Rajya Sabha that the Reserve bank of India (RBI) is continuously monitoring the local currency and intervening only if there is volatility. "The RBI interventions are not so much to fix the value of the Indian Rupee because it is free to find its own course," the minister told the Rajya Sabha during Question Hour.

Responding  to supplementary queries, the FM  said interventions that are taking place from the RBI side are more for containing volatility that is happening between the Indian rupee and the US dollar and so on.

"Even the interventions being made by RBI are not so much to determine the value - increase or decrease, of the Indian rupee. It is not for that. It is more to avoid the volatility and allow it to find its course. "India, like many other countries, is not pitching its currency at a level extraneously. So the ways and which we want to strengthen... the RBI and the Ministry are fairly engaged in it," she said as members expressed concerns over the decline in the value of the Indian currency.

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