Home News V Anantha Nageswaran: Rupee depreciation lower than other major currencies: CEA V Anantha Nageswaran

V Anantha Nageswaran: Rupee depreciation lower than other major currencies: CEA V Anantha Nageswaran

by WOOWinvest
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V Anantha Nageswaran: Rupee depreciation lower than other major currencies: CEA V Anantha Nageswaran


Chief Economic Adviser (CEA) V Anantha Nageswaran said on Wednesday that the Indian currency has depreciated less than other major global currencies such as the euro, pound and yen.

Various emerging economies, including India, are experiencing foreign capital outflows, putting pressure on their currencies, as the Federal Reserve aggressively tightens monetary policy, the CEA said.

“The yen, the euro, the Swiss franc, the pound have depreciated more against the dollar (than the rupee),” he said on the sidelines of an event in New Delhi.

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Both the government and the RBI have taken steps to curb dollar outflows and encourage foreign capital inflows to curb the devaluation of the local currency, he said.

Earlier this month, the Reserve Bank of India (RBI) announced new liberalisation rules to attract foreign inflows. In addition, the government has also increased import duties on gold imports.

The Reserve Bank of India has raised overseas borrowing limits for companies and liberalized foreign investment norms in government bonds, as it announced a series of measures to boost foreign exchange inflows.

It has also raised interest rates in recent months, making holding Indian rupees more attractive to residents and non-residents.

The rupee touched a low of 80 against the dollar for the first time in intraday spot trading on the interbank foreign exchange market on Monday.

So far in 2022, the national currency has depreciated about 7.5% against the dollar.

(with PTI input)

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