Answering the queries of elders on the deprecating tendency of rupee, Finance Minister Arun Jaitley said the rupee seems to be doing much better compared to other currencies of trading countries. He was replying to a debate on the Appropriation Bill, which was later passed, here in Rajya Sabha on Friday. He said there is a serious challenge as far as the emerging markets are concerned due to the dollar appreciation against the rupee. He said compared to Yen and Rouble, rupee was one of the more stable currencies. “For two days it witnessed volatility, and after the expiry of two days there is a sobering effect as far as the Indian currency is concerned. I do not see any crisis with regard to the real value of the rupee itself,” he said.
He justified the price of $5.61/mmbtu for the natural gas produced in the country. “We want to balance investment in the natural gas exploration sector along with the real price, as far as natural gas is concerned, so that there is no excessive burden on consumers. But, at the same time, prices can't be such that it is a disincentive to investment also,” he said.
He said the government considered all factors, including international prices, into consideration, while deciding on a price of $5.61, which is “far below $8.4 as far as the UPA Government is concerned.”