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HomeBusinessRupee's Fall Against Dollar Lower Than Other Major Currencies: CEA

Rupee’s Fall Against Dollar Lower Than Other Major Currencies: CEA


Both the federal government and RBI have taken measures to test the outflow of {dollars}, the CEA stated.

New Delhi:

Chief Economic Advisor (CEA) V Anantha Nageswaran on Wednesday stated that the depreciation of the rupee towards the US greenback has been decrease than different main international currencies such because the Euro, the British pound and the Japanese yen.

He attributed depreciation in rupee and different currencies towards the US greenback to the aggressive financial tightening by the US Federal Reserve.

As a outcome, outflow of international capital is happening from varied rising economies together with India, placing strain on their home currencies.

“Japanese yen, Euro, Swiss franc, British Pound have depreciated much more against dollar (than the rupee),” he stated on the sidelines of an occasion right here.

Both the federal government and RBI have taken measures to test the outflow of {dollars} and encourage influx of international funds in order that the depreciation of the home forex could be contained, he stated.

Earlier this month, the Reserve Bank of India (RBI) introduced new liberalised guidelines to draw international inflows. Besides, the federal government has additionally raised import responsibility on gold imports.

The RBI raised the abroad borrowing limits for corporations and liberalised norms for international investments in authorities bonds because it introduced a slew of measures to spice up international alternate inflows.

It has additionally elevated rates of interest in latest months, thus rising the attractiveness of holding Indian rupees for residents and non-residents.

The rupee for the primary time touched a low stage of 80 towards the US greenback in intra-day spot buying and selling on the interbank international alternate market on Monday.

The home forex has depreciated about 7.5 per cent towards the dollar in 2022 to this point.



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