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Finance Minister Nirmala Sitharaman said the rupee has held back very well against the United States dollar when compared to other currencies. The Minister mentioned ‘If any one currency which has held its own and did not get into fluctuation or volatility as much as other currencies, it is the Indian rupee. We have held back very well.’

Against the backdrop of the rupee dropping to a lifetime low against the greenback, Sitharaman said the Reserve Bank of India and the finance ministry are keeping a very close watch on the situation.

The rupee breached the 81-mark against the dollar for the first time on September 23, 2022, before settling at 80.98, as the greenback continued to strengthen against all other major currencies following an aggressive rate hike announcement by the US Federal Reserve. Earlier, On July 22, Reserve Bank of India governor Shaktikanta Das had said that the central bank would continue to engage with the foreign exchange market to ensure that the rupee finds its level.