RBI to continue efforts to curb rupee volatility; external factors driving currency fall: Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman announced on Tuesday (October 13, 2026) that the Reserve Bank of India (RBI) will continue its efforts to prevent excessive volatility in the rupee. Sitharaman stated that the rupee has depreciated significantly over the past year and a half, primarily due to global uncertainties, even though India's macro-economic fundamentals are strong and the RBI is taking measures to maintain stability.

The Minister assured that the RBI will take further steps to prevent the rupee from becoming too volatile, but the central bank aims to let the currency find its own level.

Sitharaman addressed the debate around tax rationalisation in the securities market, including the Securities Transaction Tax (STT) and long-term capital gains tax. She expressed her keen interest in hearing these debates as the Union Budget 2027-28 is expected to be presented on February 1. The Minister reiterated that the RBI's recent measures, such as creating a special window for oil marketing companies and tightening rules on forex derivatives trades, have supported the rupee's value, which appreciated by 1% on Monday (October 12, 2026) and reached ₹94.96 in early trade on Tuesday.