INSUBCONTINENT EXCLUSIVE:
RBI is doing whatever is necessary to deal with the situation, said Jaitley.Finance Minister Arun Jaitley Wednesday attributed the fall in
necessary to deal with the situation
The rupee's unabated fall continued for the sixth straight session Wednesday as it hit yet another closing low of 71.75 against the US
dollar, tumbling 17 paise
situation, there are virtually no domestic reasons which are attributable to this
"I don't think there is any need for the world's fastest growing economy to come out with panic and knee-jerk reactions," he said while
added that the rupee has consistently either strengthened or remained in a range
"It has not weakenedthe rupee is better-off," he said, adding that the rupee has strengthened against other currencies like the British
point on global factors affecting the rupee, he said India is a net buyer of crude oil and spike in prices affects the country
"That's an external factor
We are not in a trade war business but when countries neighbouring us devalue their currencies, that has a corresponding impact on us
Turkey had some impact on us," he said.The minister further said eventually the inherent strength of the Indian economy has to play a very
important role and expressed confidence that fluctuation in the currency market will come down
"I am sure that the currency management in these areas are done by the Reserve Bank of India and they are certainly doing whatever is
necessary for this purpose," he added
Meanwhile, crude prices Wednesday extended their losses, sliding towards USD 77 a barrel.(Except for the headline, this story has not been
edited by TheIndianSubcontinent staff and is published from a syndicated feed.)
