The exchange rate of the rupee during the
last four months of 2015-16, month-wise, and its appreciation/depreciation is
given in the table below:
Table: Value of Rupee per US dollar and
its appreciation/depriciation
|
Month
|
Rs. per US dollar*
|
Appreciation(+)/Depreciation(-) of Rupee over the previous month
(in per cent)
|
|
April 2015
|
62.75
|
(-) 0.5
|
|
May 2015
|
63.80
|
(-) 1.6
|
|
June 2015
|
63.86
|
(-) 0.1
|
|
July 2015
|
63.63
|
(+) 0.4
|
*Monthly average of RBI’s Reference Rate. Source:
Reserve Bank of India.
During 2015-16, exchange rate of Indian rupee against US
dollar has remained in the range of Rs. 62.7 – 63.9 per US dollar. The
variation in the value of rupee against US dollar in the recent months has been
due to supply-demand imbalance in the foreign exchange market and the general
appreciation of US dollar globally.
The impact of exchange rate depreciation on different
sectors of Indian economy depends on a number of factors like elasticity of
exports and imports, relative prices of domestic and global products etc. the
softening of international commodity prices, particularly crude oil prices,
notwithstanding the modest depreciation, will have favourable impact on trade
and current account balances as well as macroeconomic stability. This may also
reduce the Government subsidy outgo on, among others, kerosene and cooking gas.
To limit the import of gold and to bring the stocks of
gold in the mainstream economy, Government has announced the monetization of
gold scheme in the Budget 2015-16, which will replace both the present Gold
Deposit and Gold Metal Loan Schemes. The Government and the RBI are closely
monitoring the emerging external position including exchange rate of the rupee
and on an on-going basis calibrating policies or regulations to support robust
macroeconomic outcome.
This was stated by Shri Jayant Sinha, Minister of State in the
Ministry of Finance in written reply to a question in Rajya Sabha today.
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DSM/MAM/KA