New Delhi: Union Finance Minister Nirmala Sitharaman on Tuesday said in Rajya Sabha that there is no collapse of the Indian Rupee. Replying to questions regarding the fall of the Rupee against the US Dollar, she also said that the fluctuations of the Rupee are more against the US Dollar and its performance is better than other currencies.
"There is no collapse of the Rupee. It is appreciating its value. Indian Rupees' fluctuations are more versus the USD. Its performance is better than its own peers. Let us please understand the context and speak about the Indian Rupee," said Sitharaman.
Also read: No question of India getting into stagflation or recession: Sitharaman
As for the current foreign exchange reserve of the country, the Finance Minister said that as on July 22 it stands at USD 571 billion. "We are still comfortably placed. We want the House to take into cognizance the Indian Rupee's performance. There is no collapse but it is actually finding its own course. RBI's intervention is aimed at tackling the volatility," said the Finance Minister. Sitharaman on Monday said in Lok Sabha there is no question of India getting into stagflation or recession like other major economies of the world.
Responding to Congress MP Pramod Kumar's jibe at Prime Minister Narendra Modi's remark ahead of the Lok Sabha election in 2014 stating "when Rupee falls, so does the country's respect," Sithatraman said compared to when the Prime Minister made the comment, inflation has decreased 27 times.
She also said that despite the Covid-19 pandemic, the Ukraine-Russia war and the supply chain hobbling across the globe, Indian Rupee is still going strong. As for the issue of GST collection, the Finance Minister said that compared to what was collected under GST, utilization is more. She also said that the collection of road and infrastructure cess has decreased as the excise on petrol and diesel has come down.
