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Govt confident of defending dollar-rupee fluctuations: Sanjeev Sanyal

ANI  |  New Delhi [India] 

The Principal in the Finance Ministry, on Friday said that the Government is confident of defending dollar-fluctuations, adding that are sufficient to defend the

"RBI has quite correctly preserved ammunition in terms of foreign exchange reserve. It has billion worth of it, which is quite enough to defend if necessary," he asserted.

Addressing the issue of depreciation of rupee against the US dollar, said that even though the rupee had witnessed a fall against the dollar, it continues to be stable against most currencies.

"Rupee has depreciated very significantly since the beginning of the year. But if you take a five-year perspective you will see the rupee has by and large been stable against most currencies with one exception of the dollar," added.

On the issue of the of India's intervention in the depreciation of rupee against dollar, Sanyal said, "watching rupee, the question is to what extent do you interfere. has a long tradition of allowing exchange rate in a medium-term to adjust."

Regarding the increase in fuel prices, the Principal said, the price of is needed to be watched. "Need to watch crude prices. We will take a necessary action when required," he said.

Earlier, on September 5, said that the rupee had not weakened.

In a media briefing, Jaitley said, "We must bear in mind that dollar has strengthened against almost every The rupee has either consistently strengthened or remained in a rage, not weakened. Most of the other currencies of the world, compared to what it was 4-5 yrs ago, Rupee is better off."

The also said that reasons behind the devaluation of the Indian rupee against the dollar were global.

"If you look at the domestic economic situation and global situation, there are not domestic reasons attributable to this, but all reasons are global," he said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, September 14 2018. 23:55 IST