Union Minister Arun Jaitley today said, India has comfortable foreign exchange reserves to deal with any undue volatility in the currency market. Mr Jaitley’s reaction came, a day after the Indian currency hit an all-time low of 70.1 to a US dollar.
In a series of tweet, Mr Jaitley said, recent developments relating to Turkey have generated global risk aversion towards emerging market currencies and the strengthening of the dollar. He said, the country’s macro fundamentals remain resilient and strong.
Mr Jailtley said, the developments in the currency market were being monitored closely to address any situation that might arise in the context of the unsettled international environment.
Economic Affairs Secretary Subhash Chander Garg yesterday said that the rupee is depreciating due to external factors and there is nothing to worry at this stage.