Nirmala Sitharaman’s remarks came after the rupee sunk to a lifetime low against the dollar. The Reserve Bank and the Finance Ministry are keeping a very close watch over the developments, the finance minister said. The rupee slumped 30 paise to close at a fresh lifetime low of 81.09 against the US dollar on Friday, weighed down by the strong American currency overseas and risk-off sentiment among investors. The latest round of depreciation is triggered by adverse global developments starting with geopolitical tensions triggered by the Russian invasion of Ukraine earlier this year.Read Long Article
