Govt, RBI to take steps to arrest rupee fall: Pranab

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RBI
New Delhi, Jun 22: Worried over declining value of rupee, the Finance Ministry today said the Reserve Bank and the government are taking steps for arresting the 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 percent of their dollar requirement from State Bank of India (SBI), the government has been taking supportive measures to encourage the flow of foreign exchange into the country, Finance Secretary RS Gujral said.

"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 a slowdown in global economic growth.

PTI

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