Reasons for fall in Rupee not domestic but global, no need to panic: Arun Jaitleyhttps://indianexpress.com/article/business/economy/reasons-fall-rupee-domestic-but-global-arun-jaitley-cabinet-meeting-rafale-kerala-funds-5341953/

Reasons for fall in Rupee not domestic but global, no need to panic: Arun Jaitley

"The Rupee has either consistently strengthened or remained in a rage, not weakened. Most of the other currencies of the world,compared to what it was 4-5 yrs ago, Rupee is better off," he said.

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“In the last few months, the dollar has strengthened against every currency,” he said.

Union Finance Minister Arun Jaitley on Wednesday sought to allay growing apprehensions over the unprecedented fall of the Indian Rupee saying the currency has either consistently strengthened or remained in a rage, not weakened. In a press conference after the Cabinet meeting today, the finance minister said there’s no need to panic and come out with knee-jerk reactions. “There are no domestic reasons… Reasons are global. In the last few months, the dollar has strengthened against every currency,” he said.

Jaitley said contrary to what people are saying, the Rupee is better off. “Most of the other currencies of the world, compared to what it was 4-5 years ago, Rupee is better off,” he said.

The rupee’s unabated fall continued for the sixth straight session Wednesday as it hit yet another closing low of 71.75 against the US dollar, tumbling 17 paise. The battered rupee has lost 165 paise in the last six trading sessions, reports PTI. “If you look at the domestic economic situation and the global situation, there are virtually no domestic reasons which are attributable to this. The reasons are global,” he told reporters on the falling value of rupee.

“The RBI is doing whatever is necessary. I don’t think there is any need for the world’s fastest-growing economy to come out with panic and knee-jerk reaction,” he added. The minister further said the government has consistently maintained 4 per cent inflation during the last four years.

Jaitley also highlighted the decisions taken in the Cabinet meeting today, such as the Jan Dhan scheme. He said that 32.41 crore bank accounts were opened in last four years under the Jan Dhan Yojana. “This is the world’s biggest financial inclusion scheme. 53 per cent account holders are women, 59 per cent accounts belong to rural and semi-urban areas, 83 per cent accounts are Aadhar seeded, 24.4 crore have RuPay card,” he said.

-With inputs from agencies