Union Commerce and Industry Minister Piyush Goyal said on Thursday that all parts of the government are working in coordination to tackle the recent sharp decline of the Indian rupee against the US dollar, and that multiple policy options are being considered to stabilise the currency. Speaking to reporters during the Annual Leadership Summit of The American Chamber of Commerce, he said the government is closely tracking the situation and responding collectively. “We are monitoring the situation. All the arms of government are working as a team. Several steps are under consideration,” he said.

Goyal noted that the global economic environment remains difficult, but expressed confidence that India will overcome the challenges and come out stronger. He said the rupee has come under pressure in recent weeks due to factors such as high crude oil prices, elevated global bond yields, foreign portfolio outflows, and geopolitical uncertainties affecting global markets. The currency recently touched a record low of 96.88 per US dollar.

On reports regarding a US trade delegation visit and possible talks involving a chief US negotiator, Goyal said discussions are likely next month, adding that there is no confirmed visit yet. Responding to questions on whether the government is planning to curb non-essential imports to manage the current account deficit, he said no such measures are being planned at present. However, he urged citizens to be mindful of their spending on imported goods.

He added that people have responded positively to Prime Minister Narendra Modi’s appeal for responsible consumption and support for domestic products, saying citizens are contributing in various ways to strengthen the economy. Concluding on a positive note, he expressed confidence that India’s economy remains strong and resilient despite ongoing global challenges.

Disclaimer: This image is taken from ANI.