Nothing to worry about the surging value of Indian Rupee. Finance Minister Arun Jaitley assured on Wednesday.
He said that devaluation of rupee is a global factors. Dollar strengthens against almost every currency. He also stressed that India’s domestic unit was better off when compared to other currencies.
The rupee’s unabated fall continues in sixth straight session. On Wednesday it hit another low and closed at 71.75 against US dollar, tumbling 17 paise.
To explain the falling value of rupee the Minister said, “If you look at the domestic economic situation and global economy, there are virtually no domestic reasons attributed on it. It is completely global effect. No need for the world’s fastest growing economy to come out with panic and knee jerking situation.”
The Minister added that the rupee has strengthened against almost every other currency and opined that the rupee has consistently either strengthened or remain in a range.
The minister stressed, “Rupee has strengthened its value against the currencies like British Pound and Euro.”
The minister also asserted that the government has consistently maintained 4 per cent inflation during the last four years.
Experts said that US-China trade war, US budget sanctions complication over Iran made a huge anxiety among investors all across the world.
Furthermore, this led to a major instability in currency valuation. And our Rupee could not go beyond it. It has been affected and devaluated day by day.
The last GDP data revealed that the country has earned 8.2% GDP in comparison to China’s GDP. Domestic issues like de-monetisation and GST could not block domestic development, though opposition shouted over it (de-mo and GST). But it did not affect domestic production, in spite of that surging value of crude petroleum and rupee making anxious to government.
How it could be handled before upcoming assembly elections and next year’s general election would be a million dollars question, added an expert.