Rupee held up better than others against US Dollar, says FM Nirmala Sitharaman

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Finance minister Nirmala Sitharaman on Saturday said the rupee has “held back very well” against the US dollar when compared to other currencies, adding that the “RBI and ministry are keeping very close watch on this”. The Indian Rupee plunged to a record low on Friday, hitting 81.2250 to the dollar.

Speaking at a press conference in Pune after concluding her visit to the Baramati constituency, Sitharaman said efforts were on to contain inflation within the target band of 6%.

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Responding to a query on shifting of the Vedanta Foxconn semiconductor project from Maharashtra to Gujarat, the minister said the Maharashtra Vikas Aghadi (MVA) government should first answer why they stalled or stopped projects such as the Asia’s biggest Nanar oil refinery in Ratnagiri, the Rs 65,000-crore Wadhawan Port in Palghar district, Ahmedabad-Mumbai bullet train and the Mumbai Metro car shed.

“They should be held responsible for stalling projects rather than complain about one project that did not come to Maharashtra,” the finance minister said, pointing out that the Mumbai Metro Phase III project costs had escalated by Rs 4,000 crore because of the delay and failure to execute the project on time.