Govt to take steps to check rupee fall
The government will take measures to check the fall in rupee, Finance Minister Pranab Mukherjee said on SUnday.
‘Yes, of course,’ Mukherjee told reporters when asked if he was concerned about the rupee depreciation. ‘We will take some corrective steps,’ he said outside his residence here in south Kolkata prior to his departure for Delhi.
On his Saturday's comment on measures to improve the depressed market condition, he said, "I have spoken to the RBI Governor and Finance Secretary. Certain corrective measures should be taken and the RBI is looking into it."
On Saturday at New Delhi, Mukherjee said, "The steps we have taken...And we will be able to take certain measures to be announced on Monday which will improve market condition. Mukherjee had also expressed concern over inflationary pressures.
"I would like to say GDP (growth) is at 6.5 per cent. There is inflationary pressure on economy, there is depreciation of rupee. These are, no doubt, signs of weakness in Indian economy ...I am concerned but I am not depressed".
He had also noted that when the global economy is in turmoil,"then no country can expect that there will be pocket of development and particularly a large economy like India which is the third largest in terms of purchasing power parity cannot remain insulated from external factors".
The rupee has lost over 25 per cent in value against the US dollar in the last one year. It weakened to over 57 to a dollar, exerting inflationary pressure on the economy.
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