Government, RBI closely monitoring rupee exchange rate, says Nirmala Sitharaman

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Updated: June 26, 2019 9:46:19 AM

"The government and Reserve Bank of India are closely monitoring the emerging external position including exchange rate of the rupee on an on-going basis and are calibrating policies or regulations to support robust macroeconomic outcome," she said.

Nirmala Sitharaman, Reserve Bank of India, Rajya Sabha, rupee, dollar, rupee exchange rateThe rupee has depreciated from Rs 60.50 to a dollar in 2013-14 to Rs 69.74 to a dollar in April-December of 2018-19, the minister said in a written reply to the Rajya Sabha. (IE photo)

The government and the Reserve Bank of India (RBI) are closely monitoring the rupee exchange rate against the dollar on an on-going basis, Finance Minister Nirmala Sitharaman said Tuesday. The rupee has depreciated from Rs 60.50 to a dollar in 2013-14 to Rs 69.74 to a dollar in April-December of 2018-19, the minister said in a written reply to the Rajya Sabha.

“The government and Reserve Bank of India are closely monitoring the emerging external position including exchange rate of the rupee on an on-going basis and are calibrating policies or regulations to support robust macroeconomic outcome,” she said. The rupee closed at 69.36 to a dollar on Tuesday.

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Inward remittances from Indians residing abroad stood at USD 58.31 billion in April-December 2018-19, against USD 69.12 billion in the full financial year 2017-18. It was USD 61.29 billion in 2016-17, USD 65.59 billion in 2015-16, USD 69.81 billion in 2014-15 and USD 69.63 billion in 2013-14.

Sitharaman said as per the latest annual report of the home ministry, over Rs 15,000 crore and over Rs 20,000 crore was received in 2016-17 and 2015-16 under the Foreign Contribution (Regulation) Act, 2010. “No reason has been stated for the decline in the foreign contribution in the report”.

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