Zero depreciation in Indian rupee between 2013 and 2018: Official
New Delhi, Aug 21 : Repayment of funds, which was raised from overseas market in 2013, has been a main reason for rupee depreciation in the past few months, a senior Finance Ministry official said on Tuesday.
However, the official maintained that there has been a "zero depreciation" of the Indian currency in the last 5-years between 2013 and 2018.
"In 2013, about $32-34 billion were raised by the government that appreciated the Indian rupee," the senior official said here on Tuesday adding that "the currency exchange rate between the US dollar and the Indian rupee pair is the same in 2018 as it was in 2013."
"In the last 5-years, the Indian rupee has remained stable against all major currencies like Euro and Pound, though vis-a-vis the US dollar there has been some depreciation due to the strengthening of the USD."
"We are the only country among the emerging market economies, whose currency has maintained a stable value in the long term."
In recent days, factors such as geo-political developments, wider trade deficit, along with outflow of foreign funds have pulled the Indian rupee to fresh record intra-day and closing lows.
On august 16, the Indian rupee had plunged to an intra-day low level of 70.39-40 -- its lowest ever mark -- against the greenback prompting automobile manufacturers and other import dependent sectors to raise prices.
It settled at a record closing low of 70.16 against the US dollar on August 16.
However, easing of global trade tensions, the Indian rupee appreciated by 2 paise on Tuesday to settle at 69.81 per US dollar, from 69.83 on the previous trade session.
On the country's foreign reserves position, the official said: "We are in a comfortable position as far as the forex reserves are concerned."
Recently, the country's foreign reserves as handled by the Reserve Bank of India declined by over $1.80 billion during the week ended August 10 to $400.88 billion from $402.70 billion reported for the week ended August 3.
Analysts attributed the decline in Forex reserves to RBI's intervention to stem the decline in rupee's fall. The RBI is known to enter the markets via intermediaries to either sell or buy US dollars to keep the rupee in a stable orbit.
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Time will reveal if leadership change in Karnataka is imminent: Shivakumar
Hubballi (Karnataka) (PTI): Karnataka Deputy Chief Minister D K Shivakumar on Tuesday said time will tell if the state will see a new CM after the by-elections to two assembly seats.
Bypolls for the Bagalkot and Davanagere South Assembly constituencies will be held on April 9. The polls were necessitated following the deaths of senior Congress MLAs H Y Meti and Shamanur Shivashankarappa, respectively.
"Why are you worried about it? There is no need to make it an issue... I have already said that time will answer it," Shivakumar told reporters in response to a question about whether he would become the CM and if there would be a leadership change after the bypolls.
Responding to statements by some leaders, including Minister Zameer Ahmed Khan, that incumbent Siddaramaiah will be CM till 2028, he said, "I'm not ready to comment on statements made by others. I'm the party president... either the CM or I will have to speak on this matter. Other than what the two of us say, the rest is immaterial."
Asked about the secret behind his patience, Shivakumar replied, "Time will answer."
Recently, Siddaramaiah had said that the Congress government will remain in power for two more years and that he is the Chief Minister of the state.
The leadership tussle within the ruling party has intensified amid speculation about a possible change of chief minister after the Congress government completed the halfway mark of its five-year term on November 20, 2025.
The speculation has been fuelled by the reported "power-sharing" arrangement between Siddaramaiah and Shivakumar at the time of government formation in 2023.
