Amid weakening of the rupee against the dollar, Finance Minister Nirmala Sitharaman on Tuesday asserted the Indian currency has not collapsed and it is actually finding its natural course.
Making this point in the Rajya Sabha after some members expressed concern over the depreciation of the rupee, she also said the Reserve Bank of India is continuously monitoring the situation and intervening if there is volatility.
Fielding questions of the rupee versus dollar value comparison during the Question Hour, which functioned smoothly for the first time since the Monsoon Session began on July 18, Sitharaman said in fact the performance of the local currency is much better.
“It is comfortably placed,” she quipped.
“The RBI interventions are not so much to fix the value of the Indian Rupee because it is free to find its own course,” the Finance Minister said, adding interventions that are happening from the RBI side are more for containing volatility that is happening between the Indian rupee and the US dollar and so on.