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New Delhi [India], May 21 (ANI): Union Commerce and Industry Minister Piyush Goyal on Thursday said that all arms of the government are working together to address the sharp fall in the Indian rupee against the US dollar, adding that several measures are under consideration to stabilise the currency.
Speaking to the media on the sidelines of the Annual LeadershipSummit of The American Chamber of Commerce, the minister said thegovernment is closely monitoring the evolving situation.Goyal said, "We are monitoring the situation. All the arms ofgovernment are working as a team. Several steps are underconsideration." He said the current global environment remains challenging butexpressed confidence that India would emerge stronger. "The situation is globally quite challenging, but we have theconfidence and the courage of conviction that we will come outwinners even in this challenging time," the minister stated. The rupee has remained under pressure in recent weeks amid risingcrude oil prices, elevated global bond yields, foreign fund outflows and geopolitical tensions impacting global markets. The Indian Rupee recently hit a record low against the US Dollar USD, plunging to a historic low of Rs 96.88/USD. On the proposed visit of a US trade delegation and the possibility of the US chief negotiator visiting India, Goyal said discussions are expected next month. "I think he''s not coming with them, but there is some plan for them tocome next month," the minister said. On whether the government was considering steps to cut down nonessential imports to reduce pressure on the current account deficit, Goyal said there were no such plans at present. "There are no such plans of that sort right now. But we have of course made an appeal to all the citizens of India to be more conscious about their spending on products which are import dependent," he said. The minister added that citizens have responded positively to PrimeMinister Narendra Modi''s appeal regarding responsible spending andsupport for the domestic economy. "I think it''s just very natural that every Indian who trusts Prime MinisterModi has taken cognizance of that and is helping the country in everysmall or big way with their own actions," he stated. "I''m really proud of every Indian who has taken Prime Minister Modi''sappeal to heart and is contributing to nation-wide efforts," he added.Expressing confidence in the country''s economic prospects despitecurrent challenges, Goyal said India possesses strong capabilities and resilience. (ANI)
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