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Finance Minister Pranab Mukherjee today said the government is taking steps to arrest volatility in the foreign exchange market and the Reserve Bank of India (RBI) will intervene when necessary. Mr. Mukherjee said, as and when RBI will consider necessary they will intervene. He said, it depends on the market forces and the market forces are uncertain.
The Indian rupee slid to a fresh low of Rs 55.32 against the US dollar in the afternoon trade today as foreign funds pulled out from emerging markets avoiding risky assets. The rupee has been one of the worst performing currencies in Asia and has been consistently hitting lows in the last fortnight.
The rupee has lost over 22 per cent since the beginning of the year. To check the sliding rupee, RBI has taken a slew of policy steps to increase dollar flows, including relaxing interest rates caps on non-resident deposits. It had also asked exporters to convert half of their foreign currency earnings into rupee.
The Indian rupee slid to a fresh low of Rs 55.32 against the US dollar in the afternoon trade today as foreign funds pulled out from emerging markets avoiding risky assets. The rupee has been one of the worst performing currencies in Asia and has been consistently hitting lows in the last fortnight.
The rupee has lost over 22 per cent since the beginning of the year. To check the sliding rupee, RBI has taken a slew of policy steps to increase dollar flows, including relaxing interest rates caps on non-resident deposits. It had also asked exporters to convert half of their foreign currency earnings into rupee.
Labels: fake currency, FM, RBI
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