Value of rupee declined by 25% since December 2014, Centre tells Parliament
India Today
The value of the rupee declined from 63.33 against a dollar on December 31, 2014, to 79.41 on July 11, 2022, the government said in Parliament on Monday.
The Union government on Monday admitted in Parliament that the value of the Indian rupee against the dollar has fallen by Rs 16.08 (25.39 per cent) in the last eight years.
The finance ministry informed Parliament that in 2014, as per the Reserve Bank of India (RBI), the exchange rate was Rs 63.33 to a dollar. By July 11, 2022, it had fallen to Rs 79.41.
On December 31, 2014, the exchange rate of the Indian rupee against the dollar was Rs 63.33. On December 31, 2018, the rate shot up to 69.79 and breached the 70 mark on December 31, 2019. After Covid pandemic, the exchange rate has remained in the 70s.
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In reply to a question by two members of Lok sabha - Deepak Baij and Vijay Vasanth on the depreciation of Indian currency, the government said that the exchange rate of the Indian rupee against the dollar was Rs 78.94 per dollar as of June 30, 2022.
The government provided the calendar year-end values of the exchange rate of the Indian rupee against the US Dollar from 2014.
Finance Minister Nirmala Sitharaman said in the Lok Sabha that global factors such as the Russia-Ukraine conflict, soaring crude oil prices and tightening of the global financial conditions were the major reasons for the weakening of the Indian rupee against the US dollar. She added that another contributing factor to the decline of the rupee was that foreign portfolio investors have withdrawn about $14 billion from Indian equity.
