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Rupee Fall - Fuel Rise! Don't Panic!!
By: Tupaki Desk | 6 Sep 2018 6:13 AM GMT
Finance Minister Arun Jaitley assures there is no need to panic for the World's Fastest Growing Economy just because of fall of Rupee and rise of Fuel Prices. He explains fall of Rupee is due to global factors not domestic economic situation.
Rupee settled at 71.75 against the US Dollar on Wednesday. Prices of Petrol and Diesel are at Rs 79.31 and Rs 71.34 per litre.
Jaitley says Global Crude Oil Prices kept fluctuating a lot - 'Prices had gone up in April and May. They have fallen in June & July. In August, There is an upward movement again'.
The Union Minister told Rupee wasn't unique as most global currencies got weakened against US Dollar. He even draw comparison with the exchange rate in 2013 to claim Indian Currency has fallen less than other International Currencies. He quotes Rupee had gained against British pound (101.42 in 2013, 92.45 in 2018), Euro, Brazilian Real, Yen and Rouble during the same period.
Rupee settled at 71.75 against the US Dollar on Wednesday. Prices of Petrol and Diesel are at Rs 79.31 and Rs 71.34 per litre.
Jaitley says Global Crude Oil Prices kept fluctuating a lot - 'Prices had gone up in April and May. They have fallen in June & July. In August, There is an upward movement again'.
The Union Minister told Rupee wasn't unique as most global currencies got weakened against US Dollar. He even draw comparison with the exchange rate in 2013 to claim Indian Currency has fallen less than other International Currencies. He quotes Rupee had gained against British pound (101.42 in 2013, 92.45 in 2018), Euro, Brazilian Real, Yen and Rouble during the same period.
