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RBI monitoring depreciating rupee: Pranab
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SME Times News Bureau | 19 Nov, 2011
Even as the rupee fell to a 32-month low against the dollar, pushing up the cost of imports, Finance Minister Pranab Mukherjee Saturday said the central bank was monitoring the situation and would act at the appropriate time.
"The RBI is keeping an eye on it (depreciation of rupee). They are watching the situation at the appropriate level," Mukherjee told reporters on the sidelines of the Vatsalya Mela 2011 in New Delhi.
The rupee slumped to Rs.51.30 against the US dollar Friday, the lowest in 32 months, due to increased demand for greenback from importers, fall in stock markets and continued concerns over inflationary pressure.
But the finance minister did not speculate on when the Reserve Bank of India (RBI) would intervene in the market by releasing dollars.
"I am not guessing anything and I am not finding what is comfortable level. I am depending on the advice of the RBI," said Mukherjee when asked about what rate would be a comfortable rate of exchange.
Selling pressure in Indian equities markets has also led to the southward move in the value of the currency. A depreciating rupee will for one make oil imports costlier, adding to the under-recoveries of already strained oil marketing companies.
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Present maladies of Indian economy
V.Narayanan | Wed Nov 23 11:03:49 2011
RBI and with the consent of Finance ministry and other counsels tighten the economy by removing from circulation the money.The present economy does not react positively to this text book method. As long as 70% of our import bills go towards this payment,the present treatment will not work.
I do not know why the Finance ministry do the following;
1)Billions of black money illicitly transferred from India to Swiss banks should be brought to India by force.FMs talk of double taxation is bogus .Opposition MPs should tear the Govt on this theory. Ask FM to resign if he is not competent to bring the money.
2)Income tax should conduct more raids on Party organisations for black money, attach the property and add such moneys to the exchequer.Fissiparous talks of even our PM saying international economy has echos on our system shall not be acceptable.
A person like Hitler should take over the reins and the economy can change as Hitler did in 1933 in Germany.
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
| Japanese
Yen |
58.85 |
56.85 |
| As on 13 Aug, 2022 |
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| Daily Poll |
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| PM Modi's recent US visit to redefine India-US bilateral relations |
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