India News | Parliamentary Panel Plans to Discuss Effect of Rupee Depreciation on Trade
Get latest articles and stories on India at LatestLY. A parliamentary panel on Monday decided to discuss the implications of rupee's depreciation on trade, despite opposition from its BJP members, sources said.
New Delhi, Oct 31 (PTI) A parliamentary panel on Monday decided to discuss the implications of rupee's depreciation on trade, despite opposition from its BJP members, sources said.
The Parliamentary Standing Committee on Commerce, chaired by senior Congress leader Abhishek Manu Singhvi, met for the first time on Monday after reconstitution and deliberated upon the subjects need to be taken up for discussion, they said.
During the meeting, Singhvi proposed that the implications of rupee's depreciation on trade be discussed.
His proposal was strongly opposed by BJP MP Nishikant Dubey, a panel member, who said the depreciation was temporary and the panel should discuss subjects such as balance of trade, which have long-term implications.
Also Read | Gurugram Shocker: 2 People Suffocate to Death While Cleaning Septic Tank.
Dubey was supported by several other BJP MPs like Raju Bista, Rajkumar Chahar and Deepak Prakash.
Almost all opposition MPs were in favour of taking up the matter, saying it was an important subject which needed wide discussions and studies.
The panel is likely to call trade bodies and top government officials to deliberate on this issue, they said.
Rupee has been under pressure since the beginning of this year, in tandem with other emerging market currencies in the aftermath of rate hikes by the US Federal Reserve sparked foreign fund outflows.
The domestic currency plunged to its lifetime low of 83 against the US dollar earlier in October and it continues to remain above Rs 82.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)