Rupee Holding Good, Not Unduly Concerned, About Fall: CII-Southern Region Chief

The Indian rupee is holding good compared to some of the other currencies in the world and the fall in rupee value is not unduly concerning as of now, CII-Southern Region chairperson Suchitra Ella said on Wednesday. The rupee has been declining against the US dollar for a few days now.

The rupee declined 13 paise to close below the 80 mark for the first time against the US currency on Wednesday due to strong dollar demand from importers amid high crude oil prices. "We strongly believe that the Indian rupee is holding good. We are not unduly concerned about it at this point of time. Because, it is showing good strength or even better strength than many of the other currencies across the world," Ella, co-founder and joint managing director, Bharat Biotech International Ltd, told reporters here.

She was replying to a query on concerns from the industry about the fall in rupee value leading to increase in their input costs. She felt the country, compared to other nations, has bounced back in the aftermath of COVID-19 and other disturbances in some countries. "That's the national feeling and that's how CII has also taken it very positively.

We are looking at not only Indian data and our own neighbours in the region, and SAARC or in ASEAN, we are extrapolating this kind of information from across the world and even sometimes comparing to the European economies. Today, I think India is in a very strong position as a country and as a currency, the rupee is holding extremely well," she said. Ella expressed confidence about the country's growth prospects in the future.

(PTI)