Steps being taken to stabilize Indian Rupee - RBI Governor Shaktikanta Da

New Delhi: Four days ago, the Indian Rupee reached a record low level against the USD. But developments over the last few days indicate that the Rupee is recovering slowly. Still, warnings are being issued that this slide in the Indian Rupee is a cause for concern. The Minister for Economic Affairs reassured the people of the country regarding this. Whereas, Shaktikanta Das, Governor of the Reserve Bank of India (RBI), has come forward to assure the investors and professionals in the country. Although, at the international level, the economies of many countries are receiving jolts, the Indian economy is far from stable. He also said that the RBI would take all the necessary measures to strengthen the Indian Rupee. The RBI chief said that there would be no compromises on this front.

The economies of countries worldwide have been hit due to the Ukraine war preceded by the Coronavirus pandemic. The currencies of the developed countries also are showing record declines. The value of the Euro, the common currency of European countries, has gone below the USD value. British Pound and Japanese Yen have also declined, and warnings of a mortgage crisis are being issued in China.

The US financial institutions are warning that there will be a repeat of the 2008 economic crisis, which will originate from China and affect the entire world. RBI Governor Das expressed confidence that all these negative developments worldwide have not affected the Indian economy to that extent. Das claimed that the Indian economy is much better than the developed countries.

Meanwhile, the USD became strong due to US Federal Reserve reducing interest rates. Therefore, rates of currencies of other countries declined compared to the strengthening USD. The Indian economic affairs Secretary had pointed this out just four days ago.