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flag India’s rupee hits record low amid global trends, but economist says manufacturing exports and strong reserves ensure long-term stability.

flag India’s Chief Economic Adviser V Anantha Nageswaran stressed that strengthening manufacturing is key to long-term currency stability, noting export-led industrial growth improves external balances and exchange-rate credibility. flag Despite the rupee hitting a record low of 91.99 against the dollar on January 29, 2026, he said the decline reflects broader emerging-market trends due to global monetary tightening and geopolitical volatility, not domestic weakness. flag India’s external resilience has strengthened, with foreign exchange reserves nearly doubling to $701.4 billion by January 2026 and import cover rising above 11 months. flag Nageswaran emphasized manufacturing exports over services as foundational for current account improvement, reserve accumulation, and currency strength, calling for strategic resilience through indigenization and competitiveness.

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