Rupee better off than other currencies, has not weakened, says Jaitley

The Indian rupee, in yet another closing low of 71.75, was down 17 paise against the US currency as surging oil prices and a weak trend in emerging market currencies weighed on sentiments

Even as the rupee's unabated fall continued for the sixth straight day Wednesday, Finance Minister Arun Jaitley Wednesday attributed the fall to global factors and stressed that the domestic unit was better off as compared to other currencies.

The rupee's unabated fall continued for the sixth straight session Wednesday as it hit yet another closing low of 71.75 against the US dollar, tumbling 17 paise.

The battered rupee has lost 165 paise in the last six trading sessions.

"If you look at the domestic economic situation and the global situation, there are virtually no domestic reasons which are attributable to this. The reasons are global," he told reporters on the falling value of rupee.

He further said the dollar has strengthened against almost every other currency and added that the rupee has consistently either strengthened or remained in a range.

"It has not weakened...the rupee is better-off," he said, adding that the rupee has strengthened against other currencies like the British Pound and the Euro.

The minister further said the government has consistently maintained 4 per cent inflation during the last four years.

Commenting on government's financial inclusion scheme, Jaitley said that the cabinet had approved doubling Jan Dhan accounts overdraft cap to Rs 10,000 from Rs 5,000. The age for availing entitlement has also been increased to 65 years. 

Jaitley also stated that around 83 per cent of accounts opened in Jan Dhan were linked with Aadhar. 

A total of 324.1 million Jan Dhan accounts had been opened under Jan Dhan so far, said Jaitley. 

Commenting on the scheme, Jaitley said that around 53% account holders under Jan Dhan were women, out of which 59% accounts belonged to rural and semi-urban areas.