Finance Minister on Rupee Declining: The Indian rupee has weakened a lot against the dollar in the last one year. While experts are expressing concern over the falling prices of rupee, now a very strange statement of Finance Minister Nirmala Sitharaman has come to the fore on this matter. When asked questions by journalists on her recent US visit, Nirmala Sitharaman said that the rupee is not depreciating, we should see it in such a way that the dollar is getting stronger. Along with this, the Finance Minister also said that the Indian Rupee is doing much better than the rest of the world’s currency.
10% depreciation recorded in the rupee in the year 2022
In the last few days, there has been a steady decline in the prices of rupee. The rupee may soon touch the figure of 83, at present $1 has reached 82.35. Let us tell you that in the year 2022, there has been a decline of about 10% in the prices of the rupee and since the year 2014 till now, a decline of 40.50% has been registered in the rupee. In May 2014, $1 was at Rs 58.58, which has now fallen to Rs 82.63. Many experts believe that the rupee will fall further in the coming few days and it can touch the figure of 85.
Rupee is not depreciating, we should look at it as dollar is getting stronger. But if you look at other market currencies, the rupee is doing very well against the dollar: Union Finance Minister Nirmala Sitharaman, Washington DC pic.twitter.com/WGr7VV2yNO
— ANI_HindiNews (@AHindinews) October 16, 2022
Expensive dollar will have a bad effect on the economy
According to experts, an expensive dollar can have a very bad effect on the economy. Due to the fall of rupee, oil companies will have to buy oil by spending more money. In such a situation, imports will be expensive and common people will have to pay more for petrol and diesel. Along with this, lakhs of children from India go to study abroad every year. In such a situation, the burden on the pockets of their parents will increase and they will have to pay more fees for the education of the children. While importing edible oil, the government will have to spend more money. This will increase India’s import bill, which will have an impact on the country’s economy.
Due to depreciation of rupee
The economy of the whole world is going through a difficult phase due to Corona epidemic and Russia-Ukraine war. Inflation is increasing all over the world including India. It has also had a bad effect on the United States of America. In the US, the inflation record for the last several years has been broken. In such a situation, the Federal Reserve of America is continuously increasing its interest rates to rein in inflation. Since then, there has been a steady decline in currency around the world. Its effect is clearly visible on the Indian rupee as well.
The finance minister also gave a strange statement on inflation
Let us tell you that earlier the Finance Minister has been in the headlines for her statements on inflation. On the question of rising inflation, Nirmala Sitharaman had said that inflation has not increased much under her government and India is in a very good position compared to other countries. Along with this, he had said that more than controlling inflation, the focus of his government is to create more jobs and achieve the goal of economic equality.
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