FM deserves Phd: Congress on Sitharaman’s ‘dollar strengthening’ statement

Taking a sideswipe at Nirmala Sitharaman over her statement that Indian currency is not sliding, the dollar is strengthening, the Congress on Monday said that the Finance Minister qualifies for a PhD in Economics.

“Economics I do not know but in the school of Political spin this one byY’Y@nsitharaman qualifies for a PHD Rupee is not sliding, dollar is strengthening,’ says FM @nsitharaman when Rupee will open at 82.37 to the dollar ” Congress MP Manish Tewari tweeted.

While addressing a press conference in Washington on Friday, Sitharaman said that the rupee has withstood the dollar’s rise and has performed better than those of many emerging market currencies.

“I won’t see this as rupee sliding but as dollar strengthening. It is a matter of fact that the rupee has withstood the rise of the dollar. But it has performed better than many other emerging market currencies,” she said.

The Finance Minister added that RBI is working to prevent its slide and contain its volatility.

“I will just say that the rupee will find its own level,” she said.

On rising inflation and soaring food prices, the Finance Minister said that the economic fundamentals “are good”.

Foreign exchange reserves are in a “comfortable position” and inflation is also “manageable” she said

–IANS

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