The rupee slumped 30 paise to close at a fresh lifetime low of 81.09 against the US dollar on Friday but the government of India is not ready to accept that the rupee has recorded all time low. Finance Minister Nirmala Sitaraman defended the same and her comments are currently going viral on social media.
Nirmala Sitaraman defended this situation by saying that the rupee has “held back very well” when compared to other currencies against the US Dollar. This is not the first time that she had spoken about this and even in the past, she compared the rupee with other currencies. “If any one currency which has held its own and did not get into fluctuation or volatility as much as other currencies it is the Indian rupee. We have held back very well,” she was quoted as saying to the reporters during her three-day visit to Pune district.
The experts are busy in doing their research about the reason why the rupee has fallen yet again in a short span. We hear that the adverse global developments triggered by the Russian invasion of Ukraine earlier this year has contributed to the current crisis situation. At the same time, it recorded a surge in inflation.
However, the Finance Minister assures that the government is taking all measures to make sure to strengthen the country’s financial situation.
