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“India Not Defending Rupee, It Can Take Care Of Itself”: Chief Economic Advisor V Anantha Nageswaran

Rupee

“India is not defending the rupee… I don’t think Indian fundamentals are such that we need to defend the rupee. The rupee can take care of itself,” Mr. Nageshwaran added.

New Delhi: Chief Economic Advisor V Anantha Nageswaran on Tuesday said India is not defending the rupee and the Reserve Bank of India is taking necessary steps to ensure that the movement of the rupee is gradual and in line with market trends.

The CEA further added that the rupee is being managed in a manner that reflects the fundamentals of the economy.

“India is not defending the rupee… I don’t think Indian fundamentals are such that we need to defend the rupee. The rupee can take care of itself,” Mr. Nageshwaran added.

The Indian currency, in August, had touched an all-time low of 80.15 against the US dollar. It is currently hovering at 79.25 level against the American currency.

Expressing confidence in the RBI the CEA said, “The RBI is making sure that whatever direction the rupee is moving in line with the market trends is just gradual and doesn’t impose burden either on the importers or the exporters.”

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Speaking about declining foreign exchange reserves, he said, “Global risk aversion prevents capital from coming in. Naturally that is what (foreign) reserves are meant for.” The country’s foreign exchange reserves declined by USD 3.007 billion to USD 561.046 billion in the week ended August 26, the Reserve Bank of India (RBI) data showed.

Last week ended August 19, the reserves had dipped by USD 6.687 billion to USD 564.053 billion.

The fall in the reserves during the reporting week ended August 26 was on account of a dip in the foreign currency assets (FCA), a major component of the overall reserves, and the gold reserves, according to the Weekly Statistical Supplement released by the RBI on September 2, reported PTI.

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National Politics

BJP President JP Nadda To Tour Himachal Ahead Of PM Modi’s Visit

ANI
JP Nadda

PM Modi is scheduled to address a Bhartiya Janta Yuva Morcha rally in Mandi on September 24.

Shimla: Ahead of Prime Minister Narendra Modi’s visit, BJP chief JP Nadda will tour his home state Himachal Pradesh where he will visit all four Loksabha constituencies from September 18 to 21.\

Prime Minister Narendra Modi is scheduled to address a Bhartiya Janta Yuva Morcha rally in Mandi on September 24. BJP State President Suresh Kashyap held a press conference here on Tuesday and said, “Our Honorable National President’s program is currently proposed from 18th September till 21st September. There is a program of his arrival in Shimla parliamentary constituency on 18th, Hamirpur on 19th, followed by Mandi on 20th and Kangra on 21st.”

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The BJP national president will meet and communicate with the elected representatives of the four parliamentary constituencies and also local body representatives. Apart from these, he will also meet former members who have held such positions earlier, Kashyap told a press conference.

Elections in the state of Himachal Pradesh are due this year. Currently, a BJP-led government under the leadership of Jai Ram Thakur is in power in Himachal Pradesh.
The Himachal Pradesh Assembly has 68 seats.

(Except for the headline, this story has not been edited by HW News staff and is published from a syndicated feed.) 

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