RBI, govt taking steps to contain falling rupee value: FinMin

Posted By: Staff
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RBI, govt taking steps to contain falling rupee value: FinMi
Worried over declining value of rupee, the Finance Ministry today said the Reserve Bank and the government are taking steps to arrest fall of the Indian currency which touched a historic low of 57.30 to a dollar.

While the RBI has asked the oil marketing companies to purchase 50 per cent of their dollar requirement from State Bank of India (SBI), the government has been taking supportive measures to encourage flow of foreign exchange into the country, Finance Secretary R S Gujral told reporters here.

"Government (is taking) action in terms of supportive measures for ensuring higher inflows of foreign exchange... government is conscious of (situation) and is taking appropriate action", he said, adding the exchange rate is market determined. During the intra-day trade, the rupee fell way past the psychological mark of 57 for the first time to 57.30 against the dollar on strong demand for the American currency from oil importers, increased capital outflows and concerns over slowdown in global economic growth. MORE


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Story first published: Friday, June 22, 2012, 15:00 [IST]
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