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India’s finance minister defends falling rupiah after US Federal Reserve hikes interest rates


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MOSCOW (Sputnik) – Indian Finance Minister Nirmala Sitharaman on Saturday defended the depreciation of the national currency after the rupee fell to an all-time low against the US dollar.

“If there’s one currency that has held up and hasn’t seen as much fluctuation or volatility as other currencies, it’s the Indian rupee,” she told reporters, according to the report. news agency PTI.

The rupee fell 30 paise to 81.09 paise against the US dollar on Friday. One paisa is equal to one hundredth of a rupee. This is the lowest value of Indian currency since record keeping began.
Indian Rupee - Sputnik International, 1920, 08.08.2022

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The dollar strengthened after the US Federal Reserve raised its key interest rates by another 75 basis points this week, triggering a flight of capital from emerging Asian economies to the United States. Several Asian currencies collapsed.



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