Global volatility, including higher dollar outflows is affecting currencies worldwide; India not alone in facing exchange-rate pressures: FM

Finance Minister Nirmala Sitharaman strongly defended the strength of the Indian economy in Parliament, saying the rupee's value is market-driven and India's macroeconomic fundamentals remain robust despite global uncertainties. Replying during the Question Hour in the Lok Sabha over the rupee's depreciation, the Finance Minister said the fundamentals of the Indian economy are strong, and currencies across the world are witnessing volatility due to global uncertainty. The Minister highlighted key economic indicators, noting that inflation has dropped to low levels, GDP growth remains above 7 per cent, and the current account deficit is under 1 per cent. The Finance Minister added that global volatility, including higher dollar outflows, is affecting currencies worldwide, and India is not alone in facing exchange-rate pressures.

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