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External factors caused the rupee to crash to record low according to Subhash Chandra Garg

External factors caused the rupee to crash to record low
The Indian rupee has depreciated around 6.7% against the US Dollar.

Economic Affairs Secretary, Subhash Chandra Garg comes with “nothing to worry” despite the fall in rupees value against the US Dollar. He attributes this fall to external factors and it is in line with the depreciation of other currencies.

Chandra Garg tweets, “ A statement has been mischievously attributed to me in connection with recent fall of rupee. I disagreed with a reporter’s hypothetical statement that rupee may fall to Rs. 80. I attributed recent fall to essentially external factors and need to wait for stability to return.”

The EA Secretary insists that the Indian rupee is still doing well compared to certain other countries money. The Indian rupee has depreciated around 6.7% against the US Dollar.

Garg makes it clear that the Reserve Bank of India had sufficient exchange reserves.