Rupee fall a major concern, says Pranab

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Mr Pranab Mukherjee, Finance Minister.
Mr Pranab Mukherjee, Finance Minister.

On a day the Indian rupee fell to an all-time low of Rs 55.47 against the US dollar, the Finance Minister, Mr Pranab Mukherjee, said that the local currency's fall was a major concern.

He said that the Reserve Bank of India (RBI) could go in for further intervention to stem the rupee slide as and when the central bank felt such steps were necessary.

The rupee has depreciated 22 per cent against the US dollar since January 1 last year.

The local currency has fallen by over 8 per cent since March beginning.

Dr C. Rangarajan, Chairman, Prime Minister's Economic Advisory Council, had recently advocated the use of forex reserves to tackle the rupee slide. The RBI must use forex reserves if it feels that the rupee depreciation is being caused by the temporary capital flow disruptions, he said.

The rupee closed at Rs 55.39 against the greenback on Tuesday, sharply lower than the previous day's close of Rs 55.03.

(This article was published on May 22, 2012)
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