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RBI, Interim Finance Minister Piyush Goyal on the recom mendation of the RBI, Interim Finance Minister "After taking cognizance of the current global situation."
The Indian rupee ended up at 68.79 per dollar on Thursday after breaching the all time low Rs 69 earlier in the day due to high crude oil prices and weak macroeconomic fundamentals.
"In 2013 too, the rupee had fallen to 68-69 per dollar," Goyal told reporters here on the sidelines of an Institute of Cost Accountants of India event.
"Then Reserve Bank Governor Raghuram Rajan introduced the FCNR-B (Foreign Currency Non-Resident Bank) deposits scheme under which $ 32 billion came to India for three years which helped stabilize the rates.
" We have returned those $ 32 billion and if you see in last five years, there has been no depreciation in the rupee. If you look at macroeconomic data, there might be some speculation because the foreign exchange reserves were $ 304 billion and it was $ 425 billion at the end of 2017-18, "he said.
" I have full faith that the RBI, which and the government will sit together and discuss. "
Goyal, who holds temporary responsibility in the portfolio while Arun Jaitley is convalescing, ruled out any" knee-jerk reaction "to tackle the situation. 19659002] "Knee-jerk reaction is not called for. "
He also said that while the country's current account deficit (CAD), which was at 4.8 per cent in 2012-13, came down to 1.9 per cent in 2017 -18, the fiscal deficit over the same period of fallen from 4.5 per cent to 3.5 per cent.
"Our macroeconomic indicators from all respect are better today. But you know global environment, there are some words with respect to oil, interest rates in the US have hardened. So, there is a flight of capital towards the US, "he said.
According to badysts, the current rupee is a panic reaction to various factors like the rising dollar and crude aided by a wider CAD and the continuous outflow from Rs 40,000 crore in debt and equity so far this year
– IANS
bc / him / vd
(This story has been edited by Business Standards and is self-generated from a syndicated feed.)
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