Rupee weakening not a concern, says Sanyal

Principal Economic Adviser to the Finance Ministry Sanjeev Sanyal on Wednesday sought to allay concerns over the falling rupee against the U.S. dollar, saying India should not get too swayed by a single bilateral exchange rate. “If you take any broad based basket, you will see that the rupee is not especially weak. We cannot get too swayed by a single bilateral exchange rate,” Mr. Sanyal said. ‘Stable over long term’ The falling rupee value should be seen as strengthening of the dollar rather than weakness of the rupee because the rupee has been stable over the last five years against most global currencies, Mr. Sanyal said. “The rupee has been very stable over the last five years against most global currencies, except the dollar. Hence, we should see this as US dollar strengthening rather than rupee weakness,” he said.

Source : https://www.thehindu.com/todays-paper/tp-business/rupee-weakening-not-a-concern-says-sanyal/article24755949.ece

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