Devaluation of rupee is still continued at the sixth straight day today and it closes at 71.75 on Wednesday. However, Finance Minister Arun Jaitley termed the Rupee fall due to Global reason rather than the domestic reasons.
Arun Jaitley said the devaluation is due to rising crude oil prices and US Investors withdrawing hands from overseas investments in the global market.
Mr Jaitley said, “There are no domestic reasons. Reasons are global. In the last few months, the dollar has strengthened against every currency”.
Finance Minister has recovered from an operation and handled the back work in a row of which he explained the reasons behind the continuous Rupee fall. He said that the Rupee is still in a good position compared to 4-5 currencies of the world.
He said, “Most of the currencies of the world, compared to what it was a 4-5 years ago, rupee is better off. It has consistently strengthened or remained in a range and not weakened”.
Arun Jaitley further stressed that RBI is working now in the forex markets on Wednesday as they will sold dollars at 71.80 rupees per dollar to handle the Rupee fall.
“RBI is currently doing whatever is necessary. I don’t think there is any need for the World’s fastest-growing economy to come out with panic and knee-jerk reactions”.