Rupee better placed than other global currencies against USD: FM

NEW DELHI: Amid the Indian rupee falling against the US dollar, Finance Minister Nirmala Sitharaman said that Indian rupee is comparably best placed than other foreign currencies versus the US dollar. Amid geopolitical tensions following the Russia-Ukraine war, worries about growth, high global crude prices, continuous inflation, and central banks all over the world adopting hawkish monetary policy approaches, emerging market currencies have been losing value against the dollar.

"We are comparatively better placed. We are not a closed economy. We are part of the globalised world. Hence, we will be impacted by global developments," the finance minister said on the sidelines of an event at New Delhi. She was responding to a question on the movement of rupee against the dollar.

The Reserve Bank of India (RBI) stated in its Financial Stability Report  released on Thursday that the rupee has fared somewhat better than its rivals. The 25th FSR report stated that even though the Indian Rupee (INR) has seen periods of downward pressure, it has emerged as one of the better performing currencies in comparison to peers.

On Wednesday, the rupee crossed the psychologically crucial 79-per-dollar threshold for the first time ever. This month, it has also touched a number of lifetime lows. The RBI has used up its foreign exchange reserves since the conflict in Ukraine started in late February in an effort to protect the rupee from a sharp fall. The total foreign exchange reserves have decreased by USD 40.94 billion since February 25.

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