Union Finance Minister Nirmala Sitharaman has clarified the continuous weakening of the rupee against the dollar. She said that the rupee has stood more strongly than the rest of the world's currencies. The rupee is seen to be very strong against the US dollar. She further said that the Reserve Bank and the Finance Ministry are closely monitoring the situation.
Further, Finance Minister Nirmala Sitharaman said that if there is one currency that is left with volatility or volatility against other currencies, it is the Indian rupee. We stood in a very good position against the US dollar. The rupee has made a very good hold among its competitors. She said the rupee has "also bounced back very well" against other currencies. Let us know that the rupee reached close to 81 rupees against the US dollar on Friday. In the last few months, there has been a continuous decline in the value of the rupee. Different arguments are being made about this. On Friday, there was a decline of 83 paise, which is considered to be the biggest single-day decline in the last seven months. The rupee had earlier depreciated 19 paise to a low of 80.98 against the US dollar.
Interest rates in the US are constantly increasing. This week, the US Central Bank Federal Reserve raised the interest rate by a whopping 0.75 per cent for the third time in a row. Currencies around the world are falling faster than the dollar as the pace of rate hikes indicates that there is no slowdown.
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