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.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.