Rupee hasn’t collapsed, finding its natural course, Nirmala Sitharaman

The Union Government on Tuesday asserted that performance of the Indian rupee is much better than its peer currencies and its value is increasing. Speaking during the Question Hour in the Rajya Sabha on declining value of Indian rupee against the US Dollar, Finance Minister Nirmala Sitharaman said, Indian rupee is finding its natural course and there is no collapse. She said, Indian rupee has withstood the US Federal Reserve’s decisions much better than other currencies. She said, Reserve Bank of India has made interventions only to contain the volatility of the Indian rupee. On the question of declining foreign exchange reserves, the Minister said, the country is comfortably placed. Earlier, TMC member Luizinho Faleiro had claimed that in the last six months, the rupee had depreciated 28 times by 34 per cent and foreign reserves declined to USD 572 billion by mid-July.
Union Minister of State for Dairying and Fisheries Dr. L. Murugan has said that the Banks extend the crop loans through Kisan Credit Cards as per the guidelines issued in terms of Reserve Bank of India’s Master Circular on Kisan Credit Card Scheme dated 4th July 2018. Replying to supplementaries in the Lok Sabha, the Minister said, the KCC facility has been further extended to Animal Husbandry Farmers and Fisheries for their working capital requirements as per RBI’s circular issued on 4th February 2019. Dr Murugan said, the Ministry of Agriculture and Farmers’ Welfare is implementing a Modified Interest Subvention Scheme (MISS) to provide short-term Agri and allied loans availed by farmers through KCC at concessional rate of interest to meet their working capital requirements. Under this scheme, short-term loans for agriculture and allied activities including animal husbandry, dairy, and fisheries up to three lakh rupees are available to farmers at an interest rate of seven percent per annum.