Dollar Vs rupee: Nirmala Sitharaman, the Union Minister for Finance & Corporate Affairs, claims that the Indian Rupee has performed better than many other developing market currencies. who was speaking on Saturday (local time) in reference to the rupee’s declining value against the dollar as geopolitical tensions continue to rise.
She noted during a press conference on her official travel to the US that the dollar was actually strengthening, not the rupee.
Dollar Vs rupee trending on social media
In response to a question from ANI on steps being taken to stop the fall, she stated, “First of all, I will look at it, not Rupee sinking and look at it as the dollar rising continuously. Therefore, it follows that all other currencies are performing against the dollar’s strength. It is a reality that the Indian Rupee has likely endured the rising dollar rate and favourable currency exchange. The Indian rupee has fared far better than other currencies of emerging markets.
The RBI makes more of an effort to control volatility than it does to intervene in the market and manipulate the value of the rupee. The only activity the RBI engages in is volatility containment, and as I’ve already stated, the rupee will level out on its own.
When discussing inflation, she noted, “Macroeconomic fundamentals are strong, as are foreign exchange reserves.” We are in a good place, which is why I keep saying that inflation is also at a controllable level. We’re working to lower it even further. “
We’re working to lower it even further. “
She also made a point about the general increase in the trade imbalance. She stated: “The trade imbalance is rising and rising uniformly.” However, we are keeping an eye out for any excessive increases against any particular nation. “
She emphasised the technology-driven regulatory framework for G20 nations while discussing cryptocurrencies.
“We want to put cryptocurrency-related issues on the G20 agenda so that members can talk about them and come up with a framework or SOP so that nations around the world may have a technology driven regulatory framework,” said FM Nirmala Sitharaman.
“I did express this inside the meetings and there were several others, interestingly all from South nations,” she said, “about the worldwide overflow of their political and economic policies.”
She also brought up the energy situation that has resulted from the Russia-Ukraine conflict, noting that many nations have since gas is either too expensive or not accessible, they have had to go back to using coal.
“Austria has previously said that nations in the west are switching to coal. In the UK, one of the first legacy thermal units is now again in use. Not just India; several countries have been compelled to return to coal in recent years. “FM Sitharaman stated that since gas is either too expensive or not accessible, we must manufacture power.
She emphasised and assured that member countries will observe the growing use of digital apps during India’s G20 Presidency.
Many participants have proposed that, at the G20, we celebrate our digital achievements, including As other digital programmes like Aadhar have become popular across the country, she continued.
During their conversation, World Bank President David Malpass suggested that India should participate. as an illustration of how the Indian public has welcomed the growth of digital apps.
Malpass stated that he would be happy to work with India to spread it around the world, and Sitharaman later verified his statement.
She met World Bank President David Malpass today in Washington. Among the subjects discussed by the two leaders during their talk were the capital adequacy framework of MDBs, controlling debt risks, and boosting WBG’s partnership with India through Knowledge Exchange and MIGA.
The Finance Minister Smt. @nsitharaman praised Mr. @DavidMalpassWBG for a successful Development Committee meeting and help to India over the last two years, particularly in extending the Single Borrower Limit, according to a tweet from the Ministry of Finance.
The Finance Minister stated that India looks forward to concluding cooperation with the World Bank during the future G20Presidency and that the World Bank has been a significant partner of the G20 since its establishment.
In the meantime, Malpass assured Sitharaman that he would show off the Government of India’s financial inclusion and digitalization initiatives to other FMs as a way for governments to help their poor leapfrog in these difficult times. Malpass was impressed by the quick and deep penetration of these initiatives among the poor.
FM Sitharaman also stated that India would like the G20 to look at the possibility of MDBs enhancing climate funding by leveraging and facilitating resources during their G20 Presidency.
On the fringes of the IMF-WB Annual Meetings 2022, she also met Mohamed Al Hussaini, the UAE’s Minister of State for Financial Affairs.
The two leaders discussed topics of mutual interest, including the next G20 India Presidency, the UAE’s CoP28 Chair, climate financing, and other topics.
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