Wait...
Search Global Export Import Trade Data
Recent Searches: No Recent Searches

No need to be 'overtly' worried about fall in rupee: Eco Affairs Secretary.


Date: 20-07-2022
Subject: No need to be 'overtly' worried about fall in rupee: Eco Affairs Secretary
Economic Affairs Secretary Ajay Seth on Tuesday said that the rupee is managed well and there is nothing to be "overtly" worried about the depreciation in the domestic currency against the US dollar. The Indian currency, he said, has appreciated against several global currencies like British Pound, Japanese Yen and Euro.

This has made imports in these currencies cheaper compared to the US dollar.

The rupee for the first time touched a low level of 80 against the US dollar in intra-day spot trading at the interbank foreign exchange market on Monday.

The local unit recovered from its all-time low of 80.05 to close 6 paise higher at 79.92 against the US dollar on Tuesday, showing a loss of 7.5 per cent or 563 paise against the greenback in 2022 so far.

The economic affairs secretary attributed the fall of the rupee against the greenback to the tightening of interest rate by the Federal Reserve which resulted in the flow of dollars to the US from across the world.

"If you recall the RBI has taken extensive steps just two weeks back to facilitate that process (flow of capital). So, whatever actions are needed are being taken. So, we should not get overtly worried about this. It is being managed, managed well, in terms of taking care of the (forex) volatility," he said.

Earlier this month, the RBI raised the overseas borrowing limits for companies and liberalised norms for foreign investments in government bonds as it announced a slew of measures to boost foreign exchange inflows.

The RBI increased the ECB limit under the automatic route from USD 750 million or its equivalent per financial year to USD 1.5 billion, and eased norms for foreign portfolio investments in the debt market.

Seth further said that the RBI does not look at a particular level for the rupee but acts to contain excess volatility.

Earlier in the day Minister of State for Finance Pankaj Chaudhary too said the Indian rupee has strengthened against major currencies such as the British pound, the Japanese yen and the Euro though it has weakened against the US dollar.

The Reserve Bank of India (RBI) regularly monitors the foreign exchange market and intervenes in situations of excess volatility, he said in a written reply in the Rajya Sabha.

The Reserve Bank of India has raised interest rates in recent months that increase the attractiveness of holding Indian rupees for residents and non-residents.

Source Name:-Economic Times

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 19-01-2023
Notification No. 05/2023 - Customs (N.T.)
Exchange rate Notification No. 05/2023-Cus (NT) dated 19.1.2023.

Date: 16-01-2023
Notification No. 04/2023-Central Excise
Seeks to further amend No. 04/2022-Central Excise, dated the 30th June, 2022 , to reduce the Special Additional Excise Duty on Diesel.

Date: 16-01-2023
Notification No. 03/2023-Central Excise
Seeks to amend No. 18/2022-Central Excise, dated the 19th July, 2022 to reduce the Special Additional Excise Duty on production of Petroleum Crude and export of Aviation turbine Fuel.

Date: 13-01-2023
Notification No. 01 /2023–Customs
seeks to exempt COVID -19 vaccines from basic Custom duty till 31st March, 2023

Date: 13-01-2023
Notification No. 04/2023-CUSTOMS (N.T.
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg

Date: 11-01-2023
NOTIFICATION No. 03/2023-Customs (N.T.)
Customs (Assistance in Value Declaration of Identified Imported Goods) Rules, 2023- Reg.

Date: 06-01-2023
Notification No. 01/2023-Customs (ADD)
Seeks to extend levy of ADD on Fishing Net originating in or exported from China PR

Date: 05-01-2023
Notification No. 02/2023 - Customs (N.T.)
Exchange rate Notification No. 02/2023-Cus (NT) dated 5.1.2023-reg

Date: 04-01-2023
NOTIFICATION No 01/2023-Central Tax
To assign powers of Superintendent of central tax to Additional Assistant Directors in DGGI, DGGST and DG Audit.

Date: 02-01-2023
Notification No. 02/2023-Central Excise
Seeks to further amend No. 04/2022-Central Excise, dated the 30th June, 2022 , to modify the Special Additional Excise Duty on Diesel



Exim Guru Copyright © 1999-2023 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001