At a time when the US dollar is taking a major hammering in the global markets, including against the rupee, American President George W Bush has said that market forces would have to determine the value of the dollar against international currencies."We have a strong dollar policy, and it's important for the world to know that. We also believe it's important for the market to set the value of the dollar relative to other currencies," Bush said in an interview with Fox Business network.
"And if people would look at the strength of our economy, they'd realise why, you know, I believe that the dollar will be stronger. And it is low inflation, low interest, 15 months of uninterrupted job growth, 3.9 per cent GDP growth in the third quarter".
"...The underpinnings are strong. Now, we in the US government, my administration, believe the market ought to set the relation of the dollar to other currencies," he said.
The policy of the government is a strong dollar, and it believes that the marketplace is the best place to set the exchange rates, Bush added.
Asked if he was satisfied with the exchange rates as they are now, Bush said he was. "I am satisfied with the fact that we have a strong dollar policy and know that the market ought to be setting the exchange rate between the US dollar and other currencies," he said.
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