Government keeping 'good watch' on rupee movement: Sitharaman

NEW DELHI: Finance minister Nirmala Sitharaman has said that the government is keeping a 'good watch' on exchange rates, stressing that besides rupee several other currencies have depreciated against the US dollar.

"The rupee slide is largely against the dollar, not against any other currencies. That's also because of the way globally, the dollar has strengthened," she said when asked if the slide of rupee against greenback is a concern.


"This is not the case only with rupee versus dollar, it's the case with many other currencies versus the dollar. So we are keeping a good watch on this," she said.

The rupee plummeted to a record low and closed at 88.27 against dollar after touching an intra-day low of 88.38 on Friday. The fall came amid concerns over US tariffs, while intervention by RBI through state-run banks helped limit further losses.

The steep tariff of 50% imposed by the US on Indian goods took effect on Aug 27. The tariffs - among the highest in the world - include a 25% penalty for buying crude oil from Russia. The sectors which are impacted due to high import duties include textiles, gems & jewellery, shrimp, leather and footwear, animal products, chemicals, and electrical and mechanical machinery.