The statement from the minister came during Monday’s parliamentary session.
“The Reserve Bank of India (RBI) has used foreign exchange reserves that it has to intervene in the market to make sure that the Dollar-Rupee fluctuation does not go too much,” she said.
Sitharaman also praised the Indian economy in the parliament by calling it the fastest-growing economy.
“It is sad that some people in Parliament are jealous of the country’s increasing economy. India has the fastest growing economy but the opposition has a problem with it. Everyone should be proud of India’s growth but some people take it as a joke,” she said while taking a dig at the opposition.
The rupee on Monday declined 35 paise to 82.63 against the US dollar in early trade as heavy selling pressure in domestic equities and a strong greenback in the overseas market weighed on investor sentiments.
Besides, foreign fund outflows and rising crude oil prices in the international market impacted the domestic unit, reported PTI citing forex traders. At the interbank foreign exchange, the domestic unit opened weak at 82.54 against the dollar, then lost further ground to quote at 82.63, registering a fall of 35 paise over its previous close.
On Friday, the rupee settled 10 paise higher at 82.28 against the US dollar.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, surged 0.35 per cent to 105.16.
(With inputs from agencies)
