LIVE TV DownloadNews18 App
News18 English
»
1-min read

India has Adequate 'Firepower' to Deal With Rupee Volatility, Says Economic Affairs Secy

The volatility is being driven by global factors including the proposed U.S. sanctions on Iran and the mismatch in demand and supply of oil, Subhash Chandra Garg, Economic Affairs Secretary in the Ministry of Finance said.

Reuters

Updated:June 29, 2018, 10:27 AM IST
facebookTwittergoogleskypewhatsapp
India has Adequate 'Firepower' to Deal With Rupee Volatility, Says Economic Affairs Secy
Representative Photo(Image: Reuters)
Loading...
New Delhi: India has adequate "firepower" of foreign exchange reserves to deal with the current volatility in the rupee, the country's Economic Affairs Secretary told reporters.

The volatility is being driven by global factors including the proposed U.S. sanctions on Iran and the mismatch in demand and supply of oil, Subhash Chandra Garg, Economic Affairs Secretary in the Ministry of Finance said.

The partially convertible rupee fell to a record low of 69.0950 per dollar on Thursday and was trading at 68.52/53 per dollar at 0430 GMT on Friday versus its close of 68.79/80.

"We have adequate reserves, there is adequate firepower," Garg said.

If needed, the government could raise funds through foreign currency non-repatriable (FCNR) deposits, sovereign bond or other routes through to increase forex reserves, he added.

"If we assess at any stage that we need to buttress or refurbish our reserves, the options are open," he said adding "that situation has not arisen."

Compared to 2013 rupee crisis, when the currency depreciated to its then life low of 68.8650 against the dollar, the current situation was much better, mainly due to higher forex reserves, services exports and inflow of remittances by non-resident Indians, Garg said.

Catch the Biggest Newsmakers and the Biggest Newsbreaks on CNN-News18, your favourite English TV news channel. Keep watching CNN-News18 at just 50 Paise per Month. Contact your cable /DTH operator Now!
*Rental / capacity fee of Rs.130/- as charged by cable / DTH operator may apply. **GST extra.

| Edited by: Puja Menon
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
Yes Bank 219.00 -1.02
Dr Reddys Labs 2,563.35 -3.90
Reliance 1,244.45 1.65
ITC 280.10 0.79
Axis Bank 686.60 -1.21
Company Price Change %Gain
Yes Bank 218.70 -1.04
Dr Reddys Labs 2,556.90 -4.21
Reliance 1,243.50 1.47
Jet Airways 232.55 2.99
GRUH Finance 239.30 -3.22
Top Gainers
Company Price Change %Gain
BPCL 327.85 3.87
NTPC 136.25 3.81
Power Grid Corp 181.50 3.74
Bharti Infratel 306.90 3.26
GAIL 317.75 3.18
Company Price Change %Gain
NTPC 136.20 4.13
Power Grid Corp 181.50 3.80
ONGC 135.10 2.27
Reliance 1,243.50 1.47
Larsen 1,243.25 1.31
Top Losers
Company Price Change %Gain
JSW Steel 266.90 -4.90
Sun Pharma 422.90 -4.08
Dr Reddys Labs 2,563.35 -3.90
Tata Steel 467.50 -3.12
Vedanta 147.30 -2.93
Company Price Change %Gain
Sun Pharma 423.30 -3.94
Tata Steel 467.45 -3.12
Vedanta 147.45 -2.87
Hero Motocorp 2,702.30 -2.75
Bajaj Finance 2,557.50 -1.90

Live TV

Loading...
Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results