India closely monitoring rupee slide, measures under consideration says Piyush Goyal

The rupee has come under significant pressure in recent weeks

New Delhi: The government is actively working to address the sharp depreciation of the Indian rupee against the US dollar, with multiple measures currently under consideration to stabilise the domestic currency, Union Commerce and Industry Minister Piyush Goyal on Thursday said on Thursday.

Speaking to reporters on the sidelines of an event here, Goyal said all arms of the government are functioning in coordination to deal with the evolving economic situation. “We are monitoring the situation. All the arms of government are working as a team. Several steps are under consideration,” the minister said.

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The rupee has come under significant pressure in recent weeks due to a combination of rising crude oil prices, elevated global bond yields, foreign fund outflows and geopolitical uncertainties affecting global financial markets.

The Indian currency recently touched a record low of Rs 96.88 against the US dollar. Despite the challenges, Goyal expressed confidence in India’s economic resilience and said the country would emerge stronger from the current global uncertainty. “The situation is globally quite challenging, but we have the confidence and the courage of conviction that we will come out winners even in this challenging time,” he stated.

On the proposed visit of a US trade delegation and the possibility of the US chief negotiator visiting India, the minister indicated that discussions are likely to take place next month. “I think he’s not coming with them, but there is some plan for them to come next month,” Goyal said.

Responding to questions on whether the government was considering restrictions on non-essential imports to curb pressure on the current account deficit, the minister clarified that there are no such plans at present. “There are no such plans of that sort right now. But we have of course made an appeal to all the citizens of India to be more conscious about their spending on products which are import dependent,” he said.