The Finance Minister, Mr Pranab Mukherjee, on Friday said that the Government and the Reserve Bank of India (RBI) will take steps to stem the rupee slide against the dollar.
DEA to intervene
The local currency hit a historic low of Rs 57.33 intra-day on Friday, sending shivers among traders and marketmen in the forex market.
The rupee closed at Rs 57.15 against the dollar, down 1.5 per cent from the previous close of Rs 56.30.
“I have asked the Secretary, Department of Economic Affairs, to discuss the rupee situation with the RBI Deputy Governor. The DEA Secretary will take steps to contain rupee slide”, Mr Mukherjee told reporters here.
Dollar requirements
His remarks came close on the heels of the RBI asking the oil marketing companies to buy 50 per cent of their daily requirement of dollars from a single public sector bank to curb the volatility in the forex market.
The Oil Ministry, however, is of the view that the central bank should not insist on a single bank.