Now Reading: Government does not interfere in exchange rates, says Piyush Goyal
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Government does not interfere in exchange rates, says Piyush Goyal
Commerce Minister Piyush Goyal said on Saturday that the government does not interfere in exchange rates, calling the rupee's moves 'market-driven'. He noted the rupee had appreciated to 95.60 against the dollar…
The Story in Brief
Commerce Minister Piyush Goyal said on Saturday that the government does not interfere in exchange rates, calling the rupee's moves 'market-driven'. He noted the rupee had appreciated to 95.60 against the dollar in the previous session, helped by softer crude oil prices and apparent RBI intervention.
The rupee is among Asia's worst-performing emerging-market currencies this year, hit by expensive oil, capital outflows, widening trade deficits and a strong US dollar. Goyal listed steps such as nine free-trade agreements, import substitution and easier business rules as measures that will support India's industrialisation.
The Indian Opinion
The claim that New Delhi lets market forces determine the rupee is undercut by the very report that mentions 'supposed intervention' by the RBI. The narrative of a hands-off government sits awkwardly with repeated dollar sales by the central bank. What matters is not the rhetoric but the trade deficit and capital flows. Watch next month's trade numbers: a narrowing gap will do more for the rupee than any ministerial assurance.
Source: millenniumpost.in
This story was synthesised by AI from the source linked above.
