Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
»
1-min read

Let the Rupee Finds it Fair Value, Says Niti Aayog Head

If the rupee appreciates, exports become expensive which will make our goods uncompetitive in international markets, Niti Aayog chairman said, underlining that the exports sector supports lots of jobs. And if the rupee strengthens, it incentivises imports and the rich to travel more.

PTI

Updated:August 28, 2018, 10:34 PM IST
facebookTwitterskypewhatsapp
Let the Rupee Finds it Fair Value, Says Niti Aayog Head
Representative image
Loading...

Shirdi (Maharashtra): A day after the rupee hit a new life-time low, Niti Aayog vice-chairman Rajiv Kumar on Tuesday opined that the currency should be allowed to find its "natural level" and termed calls for a stronger rupee as a "falsifiable belief".

The rupee has been breaching its lifetime highs against the dollar over the last few months and ended at 70.10 at today after plumbing a new life-time low yesterday at 70.16. By losing over 9 per cent year-to-date, the rupee is the worst performing major currency amongst its emerging market peers.

Calls for a stronger rupee is a "falsifiable belief" and a "confusion" in our minds, Kumar said speaking on the sidelines of an event in Shirdi. "Allow the rupee to depreciate to find its fair value."

Kumar also said we have to do away with the mentality of judging an economy's strength with the level of its currency as there is "nothing" in a stronger currency.

If the rupee appreciates, exports become expensive which will make our goods uncompetitive in international markets, he said, underlining that the exports sector supports lots of jobs. And if the rupee strengthens, it incentivises imports and the rich to travel more.

Admitting that the country is fraught with many a problem which impact input cost for exports, such as expensive electricity and costly capital, therefore, the best way that the world has been adopting is to let the currency find its fair value. "And this is what is happening to the rupee as well," he said.

Asked when will the rupee appreciate against the dollar, he said the currency will strengthen when every youth gets a good job.

"The rupee will strengthen when our per capita income goes up to Rs 5,000 from Rs 2,000 now, (which will happen when our youth are employed" he said and asked the critics to keep "quiet".

Kumar was in the temple town to inaugurate a zero budget natural farming camp organised by the Sai Temple Trust.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months. Use code FREEDOM.

Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
Indiabulls Hsg 536.85 -2.52
Yes Bank 76.65 -3.52
Reliance 1,292.60 1.14
HDFC Life 524.55 -2.89
Axis Bank 685.00 1.38
Company Price Change %Gain
IndiGrid InvIT 86.50 -1.59
Indiabulls Hsg 536.55 -2.64
Yes Bank 76.70 -3.46
Reliance 1,292.10 1.15
HDFC Life 524.35 -2.95
Top Gainers
Company Price Change %Gain
Sun Pharma 426.00 2.72
Bharti Infratel 255.30 2.45
Tech Mahindra 670.35 1.72
Axis Bank 685.00 1.38
Larsen 1,352.20 1.27
Company Price Change %Gain
Sun Pharma 425.80 2.66
Axis Bank 685.00 1.40
Larsen 1,352.20 1.30
Reliance 1,292.10 1.15
ICICI Bank 423.40 1.01
Top Losers
Company Price Change %Gain
Yes Bank 76.65 -3.52
Grasim 737.30 -1.99
Indiabulls Hsg 536.85 -2.52
Power Grid Corp 207.05 -1.94
GAIL 127.30 -1.81
Company Price Change %Gain
Yes Bank 76.70 -3.46
Power Grid Corp 207.10 -1.96
ONGC 126.25 -1.48
SBI 286.70 -1.46
Coal India 199.05 -1.39

Live TV

Loading...
Countdown To Elections Results
To Assembly Elections 2018 Results