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USD33.42 bn sales in Apr-Sep FY 23 by RBI to contain Rupee fall: Sitharaman

nirmala sitharaman on freebies

New Delhi: The Reserve Bank of India’s operations in Rupee’s defence have resulted in net sales of USD 33.42 billion till September 2022, Union finance minister Nirmala Sitharaman informed Lok Sabha on Monday.
Sitharaman responded to a question about whether the RBI has been using foreign exchange reserves to stem the fall in the Indian currency. “The Reserve Bank of India (RBI) closely monitors the foreign exchange markets and intervenes only to maintain orderly market conditions by containing excessive volatility in the exchange rate, without reference to any pre-determined target level or band. During the financial year, the RBI’s operations have resulted in net sales of US$33.42 billion till September 2022 (settlement basis),” Sitharaman said in her written reply.
Typically, the RBI from time to time intervenes in the markets through liquidity management, including through the selling of dollars, with a view to preventing a steep depreciation in the rupee.
As global spillovers from geopolitical tensions and aggressive monetary policy tightening across the world intensified alongside a surge in crude oil prices, the US Dollar strengthened by 7.8 per cent in the financial year (till November 30, 2022).
The Rupee depreciated by 6.9 per cent in the current financial year (till November 30, 2022). It has performed better than most Asian peer currencies, including the Chinese Renminbi (10.6 per cent), Indonesian Rupiah (8.7 per cent), Philippine Peso (8.5 per cent), South Korean Won (8.1 per cent), Taiwanese Dollar (7.3 per cent) during the financial year, Sitharaman said in her written reply to Lok Sabha.

Also Read: TMC Leader Slams BJP Says, “Jhukega Nahi S****”; Later Apologizes After Backlash

The RBI had announced various measures in the recent period to diversify and expand the sources of forex funding to mitigate exchange rate volatility and dampen global spillovers.
Of them, the major one is that the RBI has put in place an additional arrangement for invoicing, payment, and settlement of exports/imports in Indian currency in mid-July, 2022, in order to promote the growth of exports from India and to support the increasing interest of the global trading community in the Indian currency.

(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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How Sharad Pawar Architected MVA?

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Sharad Pawar

Out of the many one of the most important feat of Mr Sharad Pawar’s political carrer is surely the formation of the Maharashtra Vikas Aagadi, an ideological diverse alliance.

“I have no hesitation in accepting that Pawar held my hand and taught me to walk in my early days in Gujarat”, Prime Minister Narendra Modi had once said referring to Mr Sharad Pawar , who will be celebrating his 82nd birthday today .

The NCP supremo who has served as Chief Minister of Maharashtra four times and  served as cabinet minister in  Minister of Defense and Minister of Agriculture walked out of the Congress in 1999 and formed his own party which now has a national party status and stands second in number of legislators in the home state.

Out of many, one of the most important feats of Mr Sharad Pawar’s political career is surely the formation of the Maharashtra Vikas Aghadi, an ideologically diverse alliance. MVA could surely not complete a full tenure due to a rebellion by Eknath Shinde, however, it still remains an intact alliance.

Who would have thought ahead of 2020 that Hindutva flag bearer Shiv Sena would join hands with the secular Indian National Congress?

The high-voltage 48-hour political drama is all done and dusted but only a few know how Mr Pawar build the tri-party alliance.

Mr Pawar while speaking to a TV media channel had said “When we realised that a Shiv Sena-BJP government was not going to be formed, this separate channel was opened up for dialogue. So when we started the discussion, we felt that a government of Congress, NCP and Shiv Sena could be formed.”

Pawar Called Gandhi 

“Some people in Congress were also receptive to the idea of this government formation as they did not want BJP to come to power. But they had doubts if Congress chief Sonia Gandhi would be ready to accept this idea. However, they put up this proposal before Gandhi. Then I myself spoke to her and said that there is a need to see that BJP does not come to power and for that the three parties have to come together. She then discussed this with her own party members. Sonia Gandhi held a meeting, and after she got a positive response from everyone at the party, she immediately green-flagged the tri-party government proposal.”

Rahul Not Part Of Discussion

Rahul Gandhi whose photograph with Thackeray scion Aditya Thackeray had attracted a lot of admiration during the 3,550 Km Bharat Jodo Yatra’s Maharashtra leg was never part of the discussion, Mr Pawar had said.

After almost 6 decades in Indian politics, Mr Pawar still fights every election like it’s his first.

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