Speaking at a media briefing on her official US visit, she explained that it was not the Rupee weakening rather dollar was strengthening.
Union Minister for Finance & Corporate Affairs Nirmala Sitharaman on Saturday said that Indian Rupee has performed much better than many other emerging market currencies in reference to the value of Rs dropping against the USD as geo-political tensions continue to rise.
Speaking at a media briefing on her official US visit, she explained that it was not the Rupee weakening rather dollar was strengthening. Responding to ANI on measures being taken to tackle the slide, she said, “First of all, I will look at it, not Rupee sliding and look at it as USD strengthening incessantly. So, obviously, all other currencies are performing against the strengthening of the USD. It is a matter of fact that Indian Rupee has probably stood this USD rates going up, exchange rate in favour of the USD. The Indian rupee has performed much better than many other emerging market currencies. The efforts of RBI are more towards seeing that there is not too much volatility, it is not to intervene in the market to fix the value of the Rupee. Containing the volatility is the only exercise RBI is involved in and I have said this before that Rs will find its own level.”
Her statement evoked a mixed response back home, with critics trolling the Finance Minister for her comments. The most noticeable comment on the saga was from senior BJP leader Subramanian Swamy, who’s well known for not sparing even his own partymen.
Taking swipe at Ms Sitharaman’s ‘rupee not weakening, dollar is strengthening analogy, Mr Swamy posted a meme on his Twitter handle with her picture. Over the FM’s picture, he wrote: “We didn’t lose the match. Opposite team won.”
He also captioned the meme as: “Congrats. JNU never fails”
Congrats. JNU never fails pic.twitter.com/STYwkNmELn
— Subramanian Swamy (@Swamy39) October 16, 2022
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