Speaking on the depreciation of the rupee, State Bank of India Chairman Dinesh Khara said that the Indian rupee has essentially weakened due to the strengthening of the dollar index, but it has a good hold against the currencies of other emerging economies. The rupee on Friday closed at 82.19 against the US dollar amid a firm global market and a fall in crude oil prices.
Khara said that the Indian rupee is doing very well. "The only better ones are Indonesia and Brazil. Which is generally a commodity-based economy. So there are only two currencies that outperformed us," he said.
"The main reason for the weakness in the rupee is essentially the strengthening of the dollar index.
State Bank of India President Dinesh Khara said that the global recession, which is being feared by the International Monetary Fund and the World Bank, will not leave much impact on India as compared to other countries.
India is doing quite well, with a projected growth rate of 6.8 percent and a great deal of control over inflation, Khara told in an interview on the sidelines of the International Monetary Fund and the World Bank's annual meeting in Washington on Friday.
"Primarily in terms of demand here (India) there is an inward look, it is an important component of the GDP and essentially the strength of the domestic economy depends on it. So from this point of view, I think," he said. The global recession will have an impact on us but it will not be as severe as it will be for the connected economies of the world. It will leave a general impact on the Indian economy.
He said, "If we look at the beta factor, then perhaps the beta factor of the Indian economy will be much lower than some other large economies which have a significant component of exports available.
"Given the current state of the global economy, India is doing well with its projected growth rate of 6.8 percent and keeping inflation 'substantially under control' despite global constraints," Khara said.
According to SBI Chairman, the primary cause of inflation is not demand-driven. He said it is essentially the inflation coming from the supply side.
They said. “If we look at the supply side of inflation, we have a situation where capacity utilization is only 71 percent. So there is ample room for capacity improvement. Supply chain disruptions inevitably lead to global adversities. Reason has come that it has also affected the prices of crude oil.
The SBI Chairman said that overall all the economies across the world are going through one or the other trouble and the government is focusing on tackling these factors. He said that India's growth prospects are expected to improve in the coming times.
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