Monday , 27 May 2019

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Commerce Ministry had suggested for fair valuation of rupee: Nirmala Sitharaman

NEW DELHI: The Commerce Ministry wants there should be “fair valuation” of rupee keeping in view the global environment as it has a bearing on exports, Parliament was informed today.

Commerce and Industry Minister Nirmala Sitharaman said that there are many factors that influence exports including demand intensity, market share, price elasticity, valuation of other currencies.

“Department of Commerce had suggested a fair valuation of rupee keeping in view of the global market situation. The government and the RBI are closely monitoring the situation including exchange rate of rupee in nominal and real terms and macroeconomic policies,” she said in a written reply to the Rajya Sabha.

She was replying to a question as to what extent strengthening of rupee will impact exports and whether the ministry has asked to devalue rupee to boost exports and reasons behind RBI’s refusal to do so.