Home / Business and Economy / Rupee's Wild Ride: Market Forces Rule Exchange Rates, Says Goyal
Rupee's Wild Ride: Market Forces Rule Exchange Rates, Says Goyal
23 May
Summary
- Government does not interfere in exchange rates, letting market forces decide.
- Rupee appreciated significantly in the last few days, against dollar.
- Steps like FTAs and import substitution will boost India's industrialization.
Commerce and Industry Minister Piyush Goyal emphasized on May 23, 2026, that the Indian government does not intervene in exchange rate determination. He clarified that the rupee's value is primarily dictated by market forces and influenced by various global factors. Goyal pointed out that the rupee had shown significant appreciation in the preceding days, underscoring its market-driven nature.
The minister also detailed government efforts aimed at fostering economic growth. These include the finalization of nine free trade agreements in recent years, promoting the substitution of essential imported goods, and enhancing the ease of doing business. Additionally, the decriminalization of minor offenses is expected to further support India's industrialization goals.
