The price of the Indian rupee decides the market and there has been no fall in its price. It is characterized by a fixed exchange rate system. Union Finance Minister Nirmala Sitharaman said this on Monday.
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Recently, the price of Indian rupee reached an all -time low of Rs 87.29 against the US dollar. Factors such as dollar index status, capital flow, interest rate levels, crude oil prices fluctuations and current account deficits have domestic and global factor effects at the rupee exchange rate.
In a written reply to a question in the Lok Sabha, Sitharaman said, “The Indian rupee has not been depicted, which is a special exchange rate system.” He said, the price of Indian rupee is fixed from the market. It has no set target or level. The Finance Minister said that the devaluation of currency may increase export competition, which has a positive impact on the economy. However, the prices of goods imported may increase due to decrease in the price of currency.
He said, when the price of the rupee decreases, it can affect the prices of goods in the domestic market. It depends on the prices of goods that are being sold in the international market and how this increase affects our country’s market. The minister said that imports in the economy depend on various factors, including supply and demand of goods in the international market, nature of trading goods, goods freight duty and availability of options.
In response to a question, he said that by the end of March 2024, insurance companies had an insurance amount of Rs 21,718 crore, on which people have not yet claimed. In March 2023, this amount was Rs 23,699 crore and before that it was Rs 25,403 crore.
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