09-14-2018, 06:26 PM
From Al Jazeera (yes I read it)
India's ruling Bharatiya Janata Party acknowledges that the currency's fall is a matter of concern, but dismisses doomsayers' predictions for the economy.
It insists the economic fundamentals remain sound, with some saying the rupee's depreciation will help make exports more competitive and reduce imports.
"Rupee is not weakening, rather it is the dollar strengthening against all other currencies," ruling party spokesperson Zafar Islam told Al Jazeera.
"In fact, India is in a much better position than other countries like Turkey and Argentina who have huge external debt and hence much more exposed to currency risk than us," he adds.
"The fall in the value of the rupee has also helped our exports. This month's export figures are stronger than expectations."
India's ruling Bharatiya Janata Party acknowledges that the currency's fall is a matter of concern, but dismisses doomsayers' predictions for the economy.
It insists the economic fundamentals remain sound, with some saying the rupee's depreciation will help make exports more competitive and reduce imports.
"Rupee is not weakening, rather it is the dollar strengthening against all other currencies," ruling party spokesperson Zafar Islam told Al Jazeera.
"In fact, India is in a much better position than other countries like Turkey and Argentina who have huge external debt and hence much more exposed to currency risk than us," he adds.
"The fall in the value of the rupee has also helped our exports. This month's export figures are stronger than expectations."