RBI & Government are Watching Global Conditions to Calibrate Polices
Aug 10, 2015: Government and RBI are watching for global conditions and movement of the rupee to calibrate policies to support economic growth. In reply to questions, Jayant Sinha, Minister of State for Finance said that many factors like -import and export elasticity effects the exchange rate depreciation impact on different sectors of Indian economy.
Sinha said in a written reply said "The government and the RBI are closely monitoring the emerging external position including exchange rate of the rupee and on-going basis calibrating policies or regulation to support robust macroeconomic outcome,"
Exchange Rate of the rupee has been in the range of Rs 62.7 - 63.9 per US Dollar. This variation in the past few months has been a result of an imbalance in supply- demand in the foreign exchange and the general rise of the U.S Dollar.
Sinha also said, "India's foreign exchange reserves were placed at USD 304.2 billion at end March 2014, USD 341.6 billion at end March 2015 and USD 353.5 billion at the end of July 2015."