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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Man arrested for raping, impregnating 16-year-old daughter in Gadag
Gadag (Karnataka), Apr 9 (PTI): A 51-year-old man was arrested for allegedly raping and impregnating his minor daughter, police said on Wednesday.
The matter came to light on Monday after the 16-year-old girl was taken to hospital by her mother after she complained of swelling in legs, they said.
After scanning and blood tests, the doctor confirmed to the victim's mother that her daughter was 31 weeks pregnant. When the woman confronted her daughter, she revealed that her father was allegedly sexually abusing and raping her over the past one year when no one was at home. He also threatened her with dire consequences if she revealed it to anyone in the family, a senior police officer said.
"Based on the victim's mother's complaint at Mulagund police station, we registered a case of rape and threat under the Protection of Children from Sexual Offences Act and arrested the accused father on Tuesday," he said.
The girl has been given counselling and further decision will be taken after a thorough medical examination, police said.
The victim has an elder sister aged 20 who is working as a nurse at a hospital here and a younger brother who is studying in class 5, police said, adding further investigation is underway.
