With the rupee declining to a two-month low of 63 to a dollar, Finance Minister P Chidambaram on Monday assured the domestic currency will stabilise.
‘The rupee will settle down,’ he told reporters here. In an early trade on Monday, the rupee
fell to 63.33 to a dollar, its weakest since 18 September.
The Indian currency started weakening since last week after the dollar purchase by oil companies was partly shifted to the market.
‘Rupee weakness is due to OMC forex demand being moved to market. 30-40 per cent of OMC demand has moved to market,’ Economic Affairs secretary Arvind Mayaram had said last week.
‘The rupee will settle down,’ he told reporters here. In an early trade on Monday, the rupee
fell to 63.33 to a dollar, its weakest since 18 September.
The Indian currency started weakening since last week after the dollar purchase by oil companies was partly shifted to the market.
‘Rupee weakness is due to OMC forex demand being moved to market. 30-40 per cent of OMC demand has moved to market,’ Economic Affairs secretary Arvind Mayaram had said last week.