INSUBCONTINENT EXCLUSIVE:
Country's macro fundamentals remain resilient and strong, said Arun Jaitley.A day after the rupee plunged below the historic 70-level,
Union Minister Arun Jaitley said India has comfortable foreign exchange reserves to deal with any undue volatility in the currency market
and developments are being closely monitored
The Indian currency yesterday crashed to a life-time low of 70.09 on concerns over Turkey's economic woes that have impacted various
emerging markets, even as the US dollar gained strength against other currencies.Recent developments relating to Turkey have generated
global risk aversion towards emerging market currencies and the strengthening of the dollar, the minister said in a series of
corporate affairs ministries before he underwent the kidney transplant on May 14.Piyush Goyal was given Jaitley's ministerial portfolios
on an interim basis."India's foreign exchange reserves are comfortable by global standards and sufficient to mitigate any undue volatility
in the foreign exchange market," Jaitley said.The developments in the currency market were being monitored closely to address any situation
that might arise in the context of the unsettled international environment, he added.Reserve Bank's foreign exchange reserves were at $
402.70 billion in the week ended August 3, down USD 1.49 billion over the preceding week, latest data released by the central bank
showed.RBI's stated position is that it does not seek to target a particular level for the rupee's exchange rate against the dollar and
uses its reserves to ease volatility in the currency market.In the current financial year, which began on April 1, the rupee has depreciated
published from a syndicated feed.)
