Rupee Fall : Developments Are Being Monitored Closely To Address Any Situation , Says Arun Jaitley

Union Minister Arun Jaitley said India has comfortable foreign exchange reserves to deal with any undue volatility in the currency market. He said India’s macro-economic fundamentals remain strong and developments are being monitored closely.

India’s foreign exchange reserves are comfortable by global standards and sufficient to mitigate any undue volatility in the foreign exchange market.

— Arun Jaitley (@arunjaitley) August 15, 2018

Jaitley’s remarks comes after the Indian rupee had plunged below the 70 level to hit a record low of 70.08/09 against the dollar as the currencies of emerging markets witnessed a rout, triggered by the crash in the Turkish lira. The rupee, however, recovered later to close at 69.89/90 after heavy intervention by the Reserve Bank of India (RBI).

However India’s Macro fundamentals remain resilient and strong,” Jaitley said in a tweet. The rupee which has lost over 8.5 per cent this year is one of the worst performing emerging market currencies.

However India’s Macro fundamentals remain resilient and strong.

— Arun Jaitley (@arunjaitley) August 15, 2018

“The developments are being monitored closely to address any situation that may arise in the context of the unsettled international environment,” said Jaitley who was holding the charge of finance and corporate affairs ministries before he underwent the kidney transplant on May 14. Piyush Goyal, was interim charge of the ministry in Jaitley’s absence.

The developments are being monitored closely to address any situation that may arise in the context of the unsettled international environment. — Arun Jaitley (@arunjaitley) August 15, 2018