Investors nervous due to volatility in Rupee: Mukherjee

Investors nervous due to volatility in Rupee: Mukherjee
Reviewing the current depreciation of Rupee against the dollar, the Union Finance Minister Shri Pranab Mukherjee said that volatility in the Rupee is also keeping investors nervous, despite rupee recovering from a low of 52.73 to trade at 52.12 per dollar.

However, giving a ray of hope to the investors, he added that India's Growth and Fundamentals is strong and look more attractive in a world confronting problems and rest the needful would taken care by Reserve bank of India.

“Despite global uncertainty, FII Investments have been in the positive territory in October (USD 634 million) and November as of yesterday (USD 213 million)... RBI is closely monitoring the current rupee situation and will do the needful, as required,' said Mukherjee.

Meanwhile, talking about the benchmark indices, the minister said that the indices lost 2.5 per cent as of 2 PM November 23, 2011, following the decline in overseas markets due to the concerns over US third quarter growth and high yields on Spanish bonds.

Additionally, the downward revision of US GDP growth to 2.0 per cent from the advance estimate of 2.5 per cent also led the US markets to close lower by around 0.5 per cent yesterday. Asian stocks also fell in the range of 2 - 2.5 per cent, after a mining tax was approved in Australia's lower house of Parliament, along with lingering concerns on Europe, added the minister.

Dion Global Solutions Ltd

Read more about: rbi, dollar, pranab mukherjee
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