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RBI Should Play its Role More Actively: RSS-affiliated Swadeshi Jagran Manch on Rupee Fall

Discussing RBI Governor Urjit Patel's remarks that the domestic currency is still better than its emerging market peers, SJM co-convener Ashwani Mahajan said the Central Bank needs to play its role more actively.

PTI

Updated:October 9, 2018, 4:49 PM IST
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RBI Should Play its Role More Actively: RSS-affiliated Swadeshi Jagran Manch on Rupee Fall
File photo of RBI headquarters in Mumbai. (Reuters)

New Delhi: "Extremely concerned" over the continuous fall in the rupee, the Swadeshi Jagran Manch is organising a round table to deliberate on the issue, a co-convener of the RSS-affiliated group said Tuesday and asserted that the RBI should play a proactive role in checking the decline.

Various economists, including Economic Advisory Council to the Prime Minister (PMEAC) member Prof Rathin Roy, have been invited for the round table on 'True value of rupee' on October 13, said SJM co-convener Ashwani Mahajan.

"We are extremely concerned over the continuous fall in rupee. The economists, who are at important positions in the government should not take it lightly, as eventually this fall in the currency increases burden on the common man," Mahajan told PTI.

Discussing RBI Governor Urjit Patel's remarks that the domestic currency is still better than its emerging market peers, Mahajan said the Central Bank needs to play its role more actively.

Economists working in the government should be cautious before making any statements on the rupee, Mahajan said, in an apparent reference to Niti Aayog Vice-Chairman Rajiv Kumar's remarks that the rupee should find its fair value.

However, Mahajan did not name him.

"It is wrong to say the rupee is over valued, it is not at all over valued. On the contrary, such statements from important voices in the government affects the sentiment in the market," he said.

Last week, while addressing a press conference after announcing RBI's fourth bi-monthly policy, Patel had said the value of rupee is determined by market forces and the RBI does not have any "target or band" around any particular level of the exchange rate.

Chartered Accountant Swaminathan Gurumurthy, who has been associated with the SJM, is a non-official director on the RBI board.

According to Mahajan, all the issues related to the fall in rupee, including RBI's stand on it, will be discussed at the round table organised later this week, for which the organisation has invited economists and policy makers from across the spectrum.

The rupee Tuesday hit a new record low of 74.27 against the US dollar in afternoon trade.

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