Nirmala Sitharaman
The government and the Reserve Bank of India (RBI) are closely monitoring the rupee exchange rate against the dollar on an on-going basis, Finance Minister Nirmala Sitharaman said Tuesday.
The rupee has depreciated from Rs 60.50 to a dollar in 2013-14 to Rs 69.74 to a dollar in April-December of 2018-19, the minister said in a written reply to the Rajya Sabha.
"The government and Reserve Bank of India are closely monitoring the emerging external position including exchange rate of the rupee on an on-going basis and are calibrating policies or regulations to support robust macroeconomic outcome," she said. The rupee closed at 69.36 to a dollar on Tuesday.
Inward remittances from Indians residing abroad stood at USD 58.31 billion in April-December 2018-19, against USD 69.12 billion in the full financial year 2017-18.
It was USD 61.29 billion in 2016-17, USD 65.59 billion in 2015-16, USD 69.81 billion in 2014-15 and USD 69.63 billion in 2013-14.
Sitharaman said as per the latest annual report of the home ministry, over Rs 15,000 crore and over Rs 20,000 crore was received in 2016-17 and 2015-16 under the Foreign Contribution (Regulation) Act, 2010. "No reason has been stated for the decline in the foreign contribution in the report".
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