In the face of the historic fall in the value of the rupee spooking the Indian markets, the government today assured that it is expected to be less volatile with pressure on capital inflows easing.
The rupee depreciated to Rs 49.68 per dollar early this morning. It has depreciated by over 11 per cent since January 2008.
"The value of rupee is something which is based upon a large number of parameters including capital inflows. With pressure easing on these parameters, rupee is expected to be less volatile," said Economic Affairs Secretary Ashok Chawla.
The government has also liberalised the norms for external commercial borrowing raising the ceiling to $500 million for corporates aimed at ensuring higher inflow of foreign capital. Chawla said the rupee value is being monitored and the Reserve Bank is doing its job.
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