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Amid concerns over the decline in the value of the rupee against the US dollar, Finance Minister Nirmala Sitharaman has asserted that there is no collapse of the unit and it is actually finding its natural course. She said the RBI is continuously monitoring the local currency and intervening only if there is volatility. She also said the RBI interventions are not so much to fix the value of the Indian Rupee because it is free to find its own course.

The minister further said interventions that are happening from the RBI side are more for containing volatility that is happening between the Indian rupee and the US dollar and so on. She said even the interventions being made by RBI are not so much to determine the value - increase or decrease, of the Indian rupee. It is not for that. It is more to avoid volatility and allow it to find its course. India, like many other countries, is not pitching its currency at a level extraneously. She said ‘so the ways and which we want to strengthen... the RBI and the Ministry are fairly engaged in it.’

On suggestions that non-resident Indians should be allowed to make remittances in foreign currency, she said it is not an assurance that the Ministry of Finance will give but she can only pass on the suggestion to the RBI. She said the rupee has seen more fluctuations against the US dollar but its performance is better than its peers. She also said ‘we have withstood the impact of the US Fed's decisions much better than any other peer currencies.’