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Wednesday, Nov 30, 2022

FM: Re has ‘held back very well’ against dollar compared to peers Sitharaman

Against the backdrop of the rupee dropping to a lifetime low against the greenback, Sitharaman said the Reserve Bank and the finance ministry are keeping a very close watch on the situation.

Finance Minister Nirmala Sitharaman. (File)

Finance Minister Nirmala Sitharaman on Saturday said that the rupee has “held back very well” against the US dollar when compared to other currencies of the world.

The rupee breached the 81-mark against the dollar for the first time on Friday, before settling at 80.98, as the greenback continued to strengthen against all other major currencies following an aggressive rate hike announcement by the US Federal Reserve.

When asked about the all-time low that the rupee hit against the greenback on Friday, she said the Reserve Bank of India and the Finance Ministry are keeping a very close watch on the situation.

On the rising inflation, the Finance Minister said the union government was taking all possible steps to check the price-rise situation and ensure that common citizens do not suffer.

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Sitharaman’s comments came at the end of her three-day tour of Baramati Lok Sabha constituency.

Meanwhile, taking on the opposition Maha Vikas Aghadi alliance for criticising the new Maharasthra government over the planned Vedanta-Foxconn semiconductor unit going to Gujarat, she said that those questioning the moving of plant after initially being proposed in Maharashtra should first respond on the four mega projects that were stalled during the previous government’s tenure.

“One has to ask the MVA first on the four mega projects that were stalled during their tenure and then we will speak about one project that has gone to some other state from Maharashtra,” she said.

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Sitharaman said it was the slugfest between the ruling alliance and the opposition alliance as those in the previous government want to cover up their failures.

“Those who exploited the cooperative sector did not think of setting up a separate ministry for its improvement as their efforts were to use the sector only for political gains,” she said, adding that the Central government led by Prime Minister Narendra Modi is bringing necessary changes to improve it.

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On her assessment after Baramati tour, where she arrived to strengthen the Bharatiya Janata Party’s (BJP) base, the union minister said, “It was focused on meeting with organisational units in the constituency. It is essential for strengthening the party and its unit. Thus, the feedback was gathered from ground onBJP and its service to people.”

She said the BJP cadre in Baramati has been providing good service to the public, mainly during the Covid period, adding that the local cadres informed her that only BJP representatives were on the field for service of people in Covid time.

First published on: 24-09-2022 at 08:05:36 pm
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