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Our Bureau

New Delhi , July 19

The Finance Minister, Mr P. Chidambaram, on Wednesday maintained that the rupee was stable in terms of the real effective exchange rate (REER) even while hinting that the currency may appreciate depending on market conditions. "What is important is to see the REER. In terms of REER, the value of rupee is stable," Mr Chidambaram told newspersons when asked about the rupee sliding past the Rs 47-mark against the US dollar in the morning and also touching a three-year low.

He pointed out that the rupee had crossed the same level (Rs 47 against the US dollar) in 2003 also.

He said the rupee movement was reflecting the demand and supply conditions.

"It is quite likely that rupee would appreciate depending on market conditions," he said.

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Exchange rates — REER logic may be unsustainable
Changing view from REER window
Rupee touches 3-year low

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