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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Virat Kohli, KL Rahul likely to miss upcoming Ranji Trophy matches
Bengaluru: Star batters Virat Kohli and KL Rahul are expected to miss the upcoming round of the Ranji Trophy, as both have reportedly informed the BCCI's medical team about carrying injuries. As a result, neither will be able to represent their respective state teams in the next round of the tournament, set to begin on January 23.
According to ESPNCricinfo, Kohli had neck pain and had taken an injection on January 8, three days after the Border-Gavaskar Trophy ended in Sydney. Kohli told the BCCI medical staff that he was still experiencing pain, ruling him out of Delhi's game against Saurashtra in Rajkot.
KL Rahul is still recovering from an elbow niggle and will likely miss Karnataka’s Ranji Trophy match against Punjab. He has conveyed to the BCCI medical staff his concern about the issue, and they are monitoring him currently, PTI reported.
However, both the batters have a chance to play in the season's last final round, starting on January 30.
Meanwhile, the BCCI recently unveiled a stringent set of 10-point disciplinary guidelines. They have made it compulsory for each centrally-contracted player to represent their state teams in domestic cricket to remain eligible for selection in the national team and for central contracts.
The board also stated that if any player is unavailable, he needs permission from the national chairman of selectors, Ajit Agarkar and head coach Gautam Gambhir.
