Not concerned about rupee volatility, RBI will manage it - Fin secy
This story was originally published at 14:01 IST on 3 February 2025
Register to read our real-time news.Informist, Monday, Feb. 3, 2025
--Fin secy: To examine revenue intelligence dept's tax notice to Volkswagen
--Fin secy: Not concerned over rupee volatility, RBI to manage FX volatility
NEW DELHI – The government is not concerned about the volatility in the foreign exchange market, which has pulled the rupee to a new low of INR 87 per dollar, Finance Secretary Tuhin Kanta Pandey said, adding that the Reserve Bank of India would manage the volatility.
"So far our management is concerned, volatility is what the RBI looks into, but otherwise it is a free-flowing system," Pandey said on the sidelines of the Federation of Indian Chamber of Commerce & Industry's conference on the Budget for 2025-26 (Apr-Mar). "We are not concerned," Pandey told the media when asked if the government was wary of the volatility.
Emerging market currencies, including the Indian rupee, have taken a beating since November, when dollar supremacist Donald Trump's Republican Party emerged victorious in the US election. Trump's protectionist stance on US domestic manufacturing has led to significant flight of capital towards the world's largest economy. The Indian currency has experienced notable volatility, with 3.6% depreciation against the dollar since October-end.
Besides rupee volatility, Pandey said that the Directorate of Revenue Intelligence had sent a tax notice to automaker Volkswagen. "We will look into the issue," Pandey said. The German company has received a tax evasion notice of $1.4 billion, according to media reports. End
US$1 = INR 87.11
Reported by Krity Ambey and Sagar Sen
Edited by Avishek Dutta
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (11) 4220-1000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2025. All rights reserved.
To read more please subscribe
Share this Story:
