All govt arms working to stabilise rupee against US dollar: Piyush Goyal

Union Minister Piyush Goyal stated that all government departments are collaboratively working on measures to stabilise the Indian rupee's sharp fall against the US dollar. He confirmed the situation is being closely monitored by the government.

Union Commerce and Industry Minister Piyush Goyal on Thursday said that all arms of the government are working together to address the sharp fall in the Indian rupee against the US dollar, adding that several measures are under consideration to stabilise the currency.

Speaking to the media on the sidelines of the Annual Leadership Summit of The American Chamber of Commerce, the minister said the government is closely monitoring the evolving situation.

Government Monitoring Rupee Fall

Goyal said, "We are monitoring the situation. All the arms of government are working as a team. Several steps are under consideration."

He said the current global environment remains challenging but expressed confidence that India would emerge stronger. "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," the minister stated.

Factors Impacting the Rupee

The rupee has remained under pressure in recent weeks amid rising crude oil prices, elevated global bond yields, foreign fund outflows and geopolitical tensions impacting global markets. The Indian Rupee recently hit a record low against the US Dollar USD, plunging to a historic low of Rs 96.88/USD.

US Trade Delegation Visit

On the proposed visit of a US trade delegation and the possibility of the US chief negotiator visiting India, Goyal said discussions are expected next month. "I think he's not coming with them, but there is some plan for them to come next month," the minister said.

Stance on Non-Essential Imports

On whether the government was considering steps to cut down non-essential imports to reduce pressure on the current account deficit, Goyal said there were 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.

The minister added that citizens have responded positively to Prime Minister Narendra Modi's appeal regarding responsible spending and support for the domestic economy.

"I think it's just very natural that every Indian who trusts Prime Minister Modi has taken cognizance of that and is helping the country in every small or big way with their own actions," he stated.

"I'm really proud of every Indian who has taken Prime Minister Modi's appeal to heart and is contributing to nation-wide efforts," he added.

Expressing confidence in the country's economic prospects despite current challenges, Goyal said India possesses strong capabilities and resilience. (ANI)

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