GET Stock QuotesNews18 APP
News18 English
»
1-min read

As Rupee Sinks to All-time Low, Piyush Goyal Says it is Going Through a 'Golden Run'

The senior BJP leader also said the nature of jobs in India is changing and that only government jobs could not provide growth.

News18.com

Updated:October 5, 2018, 5:29 PM IST
facebookTwittergoogleskypewhatsapp
As Rupee Sinks to All-time Low, Piyush Goyal Says it is Going Through a 'Golden Run'
File photo of Union Minister Piyush Goyal. (Image: PTI)
Loading...
New Delhi: As the Indian rupee dipped further on Friday, Minister of Railways Piyush Goyal said this is the best period for the Indian rupee in the last 15 years.

"Rupee has only depreciated 7 percent in the last 5 years. This is the best period for the Indian rupee. It's a golden run," said Goyal while speaking at the Hindustan Times Leadership Summit.

The rupee has been depreciating since March this year. However, at the end of August, currencies such as Russian Ruble, Japanese Yen, the South Africa's Rand and the Mexican Peso have all had double digit depreciation against the US Dollar.

Rupee slumped to a lifetime low of Rs 74 against the US Dollar on Friday.

The senior BJP leader said that the nature of jobs in India is changing and that only government jobs could not provide growth.

"Nature of jobs in the world is changing. Everybody wanted to join railways, government before but now entrepreneurial ideas are coming up," added Goyal.

"If you are driving an Uber in Delhi, you are providing a service. This government is encouraging entrepreneurship and innovation," said Goyal.

Piyush Goyal added that he wanted to revive the charm of the Railways.

"It’s been 366 days since I took over as Railways minister. I have had one mantra - To bring the charm back to rail travel", said Goyal.

RBI governor Urjit Patel also said on Friday the domestic currency is still better than its emerging market peers and that the apex bank does not have a target for it.

Patel, while addressing the media after the customary post-policy press conference, admitted that the country has not been immune to global spillovers from external factors.

"The rupee fall, in some respect, is moderate in comparison to several other emerging market market peers," he said.

Patel ruled out a target for the currency and said, "Our response to these unsettled conditions has been to ensure that foreign exchange market remains liquid with no undue volatility. There is no target or band around any particular level of exchange rate, which is determined by market forces demand and supply."
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
IndusInd Bank 1,487.00 2.59
Indiabulls Hsg 756.75 6.11
Dewan Housing 204.40 8.49
Bajaj Finance 2,137.90 1.07
Reliance 1,056.70 -0.56
Company Price Change %Gain
Dewan Housing 204.45 7.55
Indiabulls Hsg 756.30 5.86
Asian Paints 1,152.20 -4.10
Indiabulls Vent 395.00 -2.28
Yes Bank 214.50 1.66
Top Gainers
Company Price Change %Gain
Indiabulls Hsg 756.60 6.09
Tata Motors 175.15 2.58
IndusInd Bank 1,487.50 2.63
HDFC 1,688.05 1.79
Yes Bank 214.70 1.51
Company Price Change %Gain
IndusInd Bank 1,487.90 3.17
Tata Motors 174.95 2.58
Yes Bank 214.50 1.66
HDFC 1,687.00 1.61
Axis Bank 568.00 1.23
Top Losers
Company Price Change %Gain
Asian Paints 1,151.80 -4.05
Wipro 313.05 -2.84
BPCL 263.80 -2.71
HPCL 205.95 -2.21
IOC 126.85 -2.24
Company Price Change %Gain
Asian Paints 1,152.20 -4.10
Wipro 313.25 -2.70
TCS 1,864.85 -1.96
ONGC 153.40 -1.73
Infosys 667.70 -1.56

Live TV

Loading...
Loading...