NEW DELHI: Indian rupee is strong against all currencies and US dollar is an exception because of policies adopted by US Fed, finance minister Nirmala Sitharaman spoke in a scathing exchange between the Opposition and the treasury bench about the devaluation of the rupee during the Hour of Question in Lok Sabha in Monday.
Dramatic scenes unfold when Parliamentarian Revanth red, while saying in Hindi, quoted Prime Minister Modi when he was CM of Gujarat, that “the rupee is in the ICU”. He also sought the Foreign Minister’s answer on why the Indian rupee is “depreciating” against the US dollar and what steps the government is taking to strengthen the rupee.
Sitharaman clarified that the Indian currency has depreciated rather than depreciated and that this devaluation is limited to the US dollar due to the aggressive policy of the US Fed to make the dollar stronger. Pointing to Reddy referring to the Prime Minister’s comments as Gujarat CM, FM also said the rupee is at 66 when “the whole economy is in the ICU”.
“For the US dollar, due to the policy adopted by the Fed, it is getting stronger and stronger. Regarding the foreign exchange reserves, the Reserve Bank of India used the FE reserves to intervene in the market just to ensure that the fluctuations of the dollar and the rupee are not too volatile… However, In the past few weeks, reserves will decrease and increase due to FDI and FII inflows…. Therefore, at this time, it is not appropriate to say that the rupee is depreciating, foreign exchange reserves are decreasing or FDI is fleeing. It is completely unproven by data.” Sitharaman speak.
Later, Reddy, a Telangana congressman, also angered Speaker Om. birch when he alleged that Sitharaman made disparaging remarks about his Hindi proficiency because he was of a lower caste. Serious exceptions to Reddy’s statement, Birla warned members against using caste and religious references in the House and said he would take action against members who make such claims. such a statement.
In the acrimonious exchanges that saw opposition benches pro-Reddy, Birla also asked Parliament leader Adhir Ranjan Chowdhury to direct his party colleagues not to comment on the Speaker. “You are the Leader of the House. Make members understand that they should never comment on the Speaker in the future that ‘you (Speaker) cannot interrupt’. Do you understand what I’m saying?” Birla said.
Dramatic scenes unfold when Parliamentarian Revanth red, while saying in Hindi, quoted Prime Minister Modi when he was CM of Gujarat, that “the rupee is in the ICU”. He also sought the Foreign Minister’s answer on why the Indian rupee is “depreciating” against the US dollar and what steps the government is taking to strengthen the rupee.
Sitharaman clarified that the Indian currency has depreciated rather than depreciated and that this devaluation is limited to the US dollar due to the aggressive policy of the US Fed to make the dollar stronger. Pointing to Reddy referring to the Prime Minister’s comments as Gujarat CM, FM also said the rupee is at 66 when “the whole economy is in the ICU”.
“For the US dollar, due to the policy adopted by the Fed, it is getting stronger and stronger. Regarding the foreign exchange reserves, the Reserve Bank of India used the FE reserves to intervene in the market just to ensure that the fluctuations of the dollar and the rupee are not too volatile… However, In the past few weeks, reserves will decrease and increase due to FDI and FII inflows…. Therefore, at this time, it is not appropriate to say that the rupee is depreciating, foreign exchange reserves are decreasing or FDI is fleeing. It is completely unproven by data.” Sitharaman speak.
Later, Reddy, a Telangana congressman, also angered Speaker Om. birch when he alleged that Sitharaman made disparaging remarks about his Hindi proficiency because he was of a lower caste. Serious exceptions to Reddy’s statement, Birla warned members against using caste and religious references in the House and said he would take action against members who make such claims. such a statement.
In the acrimonious exchanges that saw opposition benches pro-Reddy, Birla also asked Parliament leader Adhir Ranjan Chowdhury to direct his party colleagues not to comment on the Speaker. “You are the Leader of the House. Make members understand that they should never comment on the Speaker in the future that ‘you (Speaker) cannot interrupt’. Do you understand what I’m saying?” Birla said.
