Govt, RBI Closely Monitoring Rupee Exchange Rate: Sitharaman

The government and the RBIare closely monitoring the rupee exchange rate against the dollar on an on-going basis, Finance Minister Nirmala Sitharaman said on Tuesday.

The rupee has depreciated from Rs 60.50 to a dollar in 2013-14 to Rs 69.74 to a dollar in April-December of 2018-19, the minister said in a written reply to the Rajya Sabha.

“The government and Reserve Bank of India are closely monitoring the emerging external position including exchange rate of the rupee on an on-going basis and are calibrating policies or regulations to support robust macroeconomic outcome,” she said.

The rupee closed at 69.36 to a dollar on Tuesday.

Inward remittances from Indians residing abroad stood at $58.31 billion in April-December 2018-19, against $69.12 billion in the full financial year 2017-18.

It was $61.29 billion in 2016-17, $65.59 billion in 2015-16, $69.81 billion in 2014-15 and $69.63 billion in 2013-14.

Sitharaman said as per the latest annual report of the home ministry, over Rs 15,000 crore was received in 2016-17 and over Rs 20,000 crore in 2015-16 under the Foreign Contribution (Regulation) Act, 2010. “No reason has been stated for the decline in the foreign contribution in the report”.