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The Reserve Bank of India has limited ability to intervene in the forex market to check the rupee's sharp depreciation, a top Finance Ministry official has said.
“The rupee cannot slide beyond a point. The ability to intervene is also limited,” Mr R. Gopalan, Economic Affairs Secretary, told reporters here.
His remarks came at a time when rupee touched a 32-month low of Rs 51.50 per US dollar on the back of sustained demand for American currency from banks and importers. The rupee has weakened about 15 per cent against the US dollar since April this year.
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