Nirmala Sitharaman bats for weaker rupee to boost exports

NEW DELHI: Commerce minister Nirmala Sitharaman said India's export recovery was dependent on rupee weakening to “a realistic market rate” and reinforced the government’s concerns over a credit crunch. “I’ll always look for a weaker rupee because I am sitting here (commerce ministry) and it will help exports,” she told ET in an interview.

“I also worry, however, about depreciating currencies, especially the euro coupled with slowing demand there and our own appreciating rupee.” India’s exports fell 13.96% in April. “The rupee has to reach a realistic market level for us (government and exporters) to get aclearer picture on just what to do about the situation,” Sitharaman said.

She also echoed some of the finance ministry’s worries on expensive credit and high interest rates.

Read full interview here