New Delhi: Union Finance Minister Nirmala Sitharaman has said that the value of the Indian rupee has remained stable compared to other currencies. Meanwhile, the Reserve Bank and the Union Finance Ministry are closely monitoring the situation, he said.
Nirmala Sitharaman, responding to a reporter’s question, said, “If there is one currency in the world that has been able to resist imbalances and volatility, it is the Indian currency.”
The Indian rupee saw its lowest in history last Friday against the US dollar. The rupee depreciated by nearly 90 paise to settle at Rs 80.86. The rupee saw a sharp decline following the US Federal Reserve’s interest rate hike announcement.
Meanwhile, Russia announced an escalation of its war against Ukraine. It has announced that it will field 3.5 lakh players. The announcement by Russia sent the US stock market and the currency market into a frenzy. This has caused economic damage worldwide. Asian markets have also seen a major decline in the value of many countries’ currencies. Union Finance Minister Nirmala Sitharaman has said that the value of the Indian rupee has remained stable compared to other currencies.