Rupee has held up very well against U.S. dollar compared to other currencies: Finance Minister

Nirmala Sitharaman says the RBI and the Finance Ministry are keeping a very close watch on the situation

Finance Minister Nirmala Sitharaman on Saturday said the rupee has "held back very well" against the United States dollar when compared to other currencies.

 Finance Minister Nirmala Sitharaman on Saturday said the rupee has “held back very well” when compared to other currencies against the US Dollar.

The Reserve Bank and the Finance Ministry are keeping a very close watch over the developments, the finance minister told reporters after the domestic currency sunk to a lifetime low against the greenback.

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“If any one currency which has held its own and did not get into fluctuation or volatility as much as other currencies it is the Indian rupee. We have held back very well,” she told reporters here on the final day of her three-day visit to Pune district which is a stronghold of NCP chief Sharad Pawar.

She also asked a reporter to do a study on how the other currencies are behaving against the US dollar in the latest round of depreciation.

According to experts, the latest round of depreciation is triggered by adverse global developments starting with the geopolitical tensions triggered by the Russian invasion of Ukraine earlier this year.