Finance Minister P. Chidambaram on Wednesday met Reserve Bank of India Governor-designate Raghuram Rajan and Economic Affairs Secretary Arvind Mayaram to discuss the domestic currency woes.
The meeting came on a day when the rupee hit an all-time low of Rs 64.51 against the US dollar during intra-day trade.
The domestic currency, which breached Rs 64 against the dollar for the second consecutive day, closed at Rs 64.12 on Wednesday. This meeting happened a day after the RBI announced plans to buy long-dated government bonds so as to ease the earlier cash-supply curbs that were rolled out to stem the rupee plunge.
The central bank also eased marked-to-market provisioning norms for banks to cushion the adverse impact of spike in 10-year G-sec yields.
Rajan, who was Chief Economic Advisor to the Finance Ministry since 2012, will take over as RBI Governor on September 5.
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