New Delhi: The government and the RBI will do everything to ensure that the rupee does not depreciate to “unreasonable levels”, the Finance Ministry said Wednesday as the currency slid to a lifetime low of 72.91 to the dollar.
In the morning trade, the rupee collapsed to a lifetime low of 72.91 against the dollar, amid surging crude oil prices and uanabated foreign fund outflows. “Government and RBI will do everything to ensure that rupee does not slide to unreasonable levels.
Today’s correction seems to reflect that realisation,” Economic Affairs Secretary Subhash Chandra Garg tweeted. He said there was “no fundamental rationale” for the rupee to depreciate to levels seen till Tuesday. “It reflected overreaction of market operators,” Garg said. (PTI)
