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

Union Finance Minister Nirmala Sitharaman on Tuesday (October 13, 2026) said the RBI will continue its efforts to prevent excessive volatility in the rupee, which has depreciated "very significantly" over the past year and a half.

She said the rupee has reached a low against the U.S. dollar mainly due to global uncertainties, even though India's macro-economic fundamentals, including forex reserves, are strong and the regulator RBI is ensuring that the domestic currency stays stable.

"I am sure there are efforts which the RBI would take further to make sure that rupee doesn't become too volatile," Ms. Sitharaman said at the Bloomberg New Economy Forum 2026.

Asked about rationalisation in taxes in the securities market, the Minister said the debate around STT and long-term capital gains tax rationalisation is "healthy", and she will "keenly" hear these debates.

"We are very close to the Budget, and the preparation for the Budget has started. It may not be the best time for me to say what I will or what I will not consider," she said.

Ms. Sitharaman further said that the long-term capital gains tax is something on which a lot of people have been commenting, and the issue also came up during her conversation with investors in India and abroad.

"... It's healthy to have this debate, and I will be keenly hearing them," she said.

The Union Budget 2027-28 is likely to be presented on February 1.

On the rupee, the Minister said the RBI, through its measures, is trying to prevent volatility and not "fix" the rupee level.