"India's economy is on strong footing...": Piyush Goyal on depreciation of rupee against dollar

New Delhi [India], December 3 (ANI): Union Commerce and Industry Minister Piyush Goyal on Wednesday said the Indian economy remains on a solid footing, saying the country has seen the lowest-ever inflation in the last few months and foreign exchange reserves continue to be strong.

He said capital inflows, consumer spending, and various economic levers have demonstrated considerable positivity.

Goyal, who was answering a query on the depreciation of the rupee against US dollar, said the Indian economy continues to power on.

"Growth is at 8.2% even in Q2, beating all estimates. We have seen the lowest-ever inflation in the last few months. Foreign exchange reserves continue to be strong. Capital inflows and investments in infrastructure, consumer spending, all the levers of the economy have demonstrated a great deal of positivity. Merchandise exports are also on a strong wicket...If I aggregate October and November, there is growth in merchandise exports despite the global turmoil," he said.

"This only goes to show that the economy is on a strong footing. We are working towards deeper integration with global trading partners, and in the months and days to come, you will hear a lot more about our own successful engagements with many of our trading countries," he added.

The Indian rupee plunged to an all-time low against the US dollar on Wednesday, crossing the psychologically significant 90 mark amid foreign fund outflows.

The development came amid firm crude oil prices and perceived uncertainty around the India-US trade deal.

The Indian Rupee has been among the poorest-performing Asian currencies in 2025, falling by about 4-5 per cent.

Experts highlighted some sectors that could benefit from the plunging Rupee.

Sunny Agrawal, Head, Fundamental Research at SBI Securities, said, export-dependent sectors like Shrimp, Textile, IT, Pharma, Engineering, Metals, and Auto can benefit from the falling Rupee.

However, import-dependent sectors such as FMCG, Plastic polymers, Oil and Gas are expected to face cost pressure, he added.

India's Chief Economic Advisor V Anantha Nageswaran downplayed concerns over the rupee weakening past 90 against the US dollar, asserting that the currency's movement remains within manageable limits and has not created macroeconomic stress.

"I am not losing my sleep over it," he told reporters on the sidelines of a CII summit, emphasising that the current level of depreciation has neither stoked inflationary pressures nor undermined India's export momentum. "Right now it's not hurting our exports or inflation," he said. (ANI)

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