Jaitley Says Domestic Factors Not To Blame For Rupee Fall
As rupee closes at record low of 71.76/$, FM Jaitley says that global factors are responsible for the devaluation of the currency.
Finance Minister Arun Jaitley today attributed the fall in rupee to global factors and stressed that the local unit was faring better than other currencies.
The rupee’s fall continued for the sixth straight session Wednesday as it hit another closing low of 71.76 against the U.S. dollar, tumbling 17 paise in trade on Wednesday. The 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.Arun Jaitley, Finance Minister
He added that the dollar had strengthened against almost every other currency and that the rupee had consistently either strengthened or remained in a certain 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 percent inflation during the last four years.