Money & Banking

Rupee depreciation expected: Rangarajan

PTI Chennai | Updated on September 23, 2011

Dr C Rangarajan.   -  THE HINDU

Prime Minister’s Economic Advisory Council Chairman Dr C Rangarajan on Friday said that decline in rupee is on expected line amid fall in currencies of several other emerging economies.

Rupee had stayed “very strong” for quite a number of years and therefore some decline in its value was “expected”, said Mr Rangarajan.

The rupee this year has declined nearly 10 per cent against the dollar. In today’s trade, the Indian currency tumbled by 34 paise to nearly 28—month low levels of Rs 49.82 against the US dollar.

“The rupee has fallen but you must also note that it happened at a time when currencies in many other emerging economies have also fallen,” Mr Rangarajan added.

Published on September 23, 2011

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