Rupee At All-Time Low, Finance Ministry Sources Say Not Due To Economy
NDTV
Despite the decision to extend the free ration scheme for the seventh time, the fiscal deficit will still meet the budget target of 6.4 per cent of the GDP for this year, a Finance Ministry official added.
With the rupee hitting a new record low of 82 against the US dollar on Wednesday, Finance Ministry officials maintained that the fall was not because of the state of the Indian economy, but because of the strengthening American currency.
"Wherever there is a dollar trade, like crude, we will be impacted. Crude is where we have been impacted. This is something we will have to live with, and it has nothing to do with the Indian economy," a senior official, who requested not to be named, told NDTV.
"The rupee has not fallen. It's only with the dollar. We are not for intervention and don't want to do this. This is a result of the tapering effect that has been done slightly excessively," they said.
Despite the decision to extend the free ration scheme for the seventh time, the fiscal deficit will still meet the budget target of 6.4 per cent of the GDP for this year, the official added.
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