Indian Finance Minister Nirmala Sitharaman defended on Saturday the depreciating national currency after the rupee plummeted to its all-time low against the US dollar
MOSCOW (Pakistan Point News / Sputnik - 24th September, 2022) Indian Finance Minister Nirmala Sitharaman defended on Saturday the depreciating national Currency after the rupee plummeted to its all-time low against the US dollar.
"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," she told reporters, according to the PTI news agency.
The rupee slumped by 30 paise to 81.09 paise against the US Dollar on Friday. A paisa is equal to one hundredth of a rupee. This is the Indian currency's lowest value since record-keeping began.
The dollar strengthened after the US Fed Reserve hiked key interest rates by another 75 basis points this week, prompting capital flight from emerging Asian economies back into the United States. Several Asian currencies collapsed.
