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Our Bureau

New Delhi, Oct. 24

The ongoing sell-off by foreign institutional investors (FIIs) in the stock markets has pulled down the rupee against the dollar, the Union Commerce and Industry Minister, Mr Kamal Nath, said here today.

On Friday, the rupee hit a new low of 50.15 against the dollar before closing at 49.82.

“Stocks are being sold by the FIIs. There is nothing to panic about. The rupee slide is an aberration and arising out of dollar flow out of India.

The rupee will find its level in due course. Unusual circumstances, unusual global situation have to be addressed in an unusual manner. It will be discussed within the Government and steps will be taken”, Mr Nath told reporters when queried about the slide in rupee against the dollar.

Faced with global slowdown and fears of recession in many markets abroad, the FIIs have net sold Indian stocks worth $3.01 billion so far this month.

The 30-share benchmark Sensex closed at 8,701.07 on Friday, down 1,070.63 points over the previous day’s close.

More Stories on : Foreign Institutional Investors | Forex

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