FM Defends Rupee In Parliament, Says “Rupee Is Fine” Despite Global Pressure

India's Finance Minister Nirmala Sitharaman has stated in Parliament that the Indian Rupee is performing robustly and is being managed effectively, despite facing considerable global macroeconomic headwinds. Her remarks aimed to reassure investors and the public amidst concerns about currency depreciation, highlighting that the Rupee has performed better than many other currencies. This defense comes as the Indian Rupee, like numerous other emerging market currencies, has been under pressure due to a confluence of global factors, primarily a strengthening US Dollar driven by aggressive interest rate hikes by the Federal Reserve and elevated crude oil prices. The Finance Minister's statement is crucial for stabilizing market sentiment and signaling the government's commitment to maintaining economic stability, aiming to prevent speculative attacks and stem further capital outflows by instilling confidence in the national currency's resilience and the country's economic management.