No red line on rupee value: Montek

No red line on rupee value: Montek
Highlights

In the backdrop of the declining value of India's currency, Planning Commission Deputy Chairman Montek Singh Ahluwalia said the government has not drawn any red line on the rupee, which he felt has over depreciated. "I don't believe that either the government or the RBI have taken a view that we are drawing a red line on which rupee should be. At the moment, in my view, the rupee is over depreciated," Ahluwalia said in a TV interview.

New Delhi (PTI): In the backdrop of the declining value of India's currency, Planning Commission Deputy Chairman Montek Singh Ahluwalia said the government has not drawn any red line on the rupee, which he felt has over depreciated. "I don't believe that either the government or the RBI have taken a view that we are drawing a red line on which rupee should be. At the moment, in my view, the rupee is over depreciated," Ahluwalia said in a TV interview.
Last week, rupee touched an all time low of 65.56 against dollar on Thursday but recovered to 63.20 on Friday on pep talk by Finance Minister, expecting intervention from RBI. The rupee has depreciated over 17 per cent against the dollar since April-end this year.
According to Ahluwalia, the steps taken by RBI, including control of capital transfers, were misinterpreted by the markets.
Earlier, RBI Governor-designate Raghuram Rajan and Economic Affairs Secretary Arvind Mayaram had ruled out bringing back capital controls.
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