India closely monitoring rupee slide: Piyush Goyal

Union Commerce and Industry Minister Piyush Goyal on Thursday, May 21, said the central government was actively working to address the sharp decline of the Indian rupee against the US dollar, adding that multiple measures are currently under consideration to stabilise the domestic currency.

While speaking to mediapersons on the sidelines of an event in the national capital, Goyal said all arms of the government are functioning in coordination to deal with the situation.

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“We are monitoring the situation. All the arms of government are working as a team. Several steps are under consideration,” the Union Minister said.

Notably, the Indian currency recently touched a record low of ₹96.88 against the US dollar. In recent weeks, it has come under significant pressure due to multiple reasons, including the rising crude oil prices, elevated global bond yields, foreign fund outflows as well as geopolitical uncertainties affecting global financial markets, IANS reported.

Amid the challenges, Goyal has expressed confidence in India’s economic resilience, adding that the country would emerge stronger from the current global uncertainty.

“The situation is globally quite challenging, but we have the confidence and the courage of conviction that we will come out winners even in this challenging time,” he said.

Talking about the proposed visit of a US trade delegation as well as the possibility of the US chief negotiator visiting India, Goyal indicated that discussions are likely to take place next month. “I think he’s not coming with them, but there is some plan for them to come next month,” he added.