The rupee is not sinking, the dollar is strengthening: Nirmala Sitharaman

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New Delhi: Nirmala Sitharaman, the Union Finance Minister, claimed that although the US currency is steadily increasing, the Indian rupee is not. The RBI is making every effort to stop the rupee's decline, she added. A reporter questioned Sitharaman, who is currently on an official visit to the United States, during a news conference in Washington, DC, about the issues the rupee would face in the coming days and the steps being taken to stop further currency depreciation.

The Indian rupee has performed better than any other emerging market currency, according to the Finance Minister. "The rupee is not sinking, the dollar is strengthening incessantly...All other currencies are performing versus the dollar," he added. ()

"The RBI is making efforts to prevent excessive volatility... To set the value of the rupee through market intervention is not (for the RBI to do), "Sitharaman remarked. Even though the rupee hit an all-time low of 82.68 to the US dollar during early trade on Monday to start the week, the Finance Minister responded. ()

#WATCH | USA: Finance Minister Nirmala Sitharam responds to ANI question on the value of Indian Rupee dropping against the Dollar as geo-political tensions continue to rise, on measures being taken to tackle the slide pic.twitter.com/cOF33lSbAT — ANI (ANI) October 16, 2022

On Friday, the rupee depreciated by 8 paise to settle at 82.32 against the US dollar due to a strong foreign currency and falling crude oil prices. The local currency had reached a settlement rate of 82.24 against the US dollar on Thursday.