MUMBAI (Reuters) - There is no cause for alarm on the rupee and capital inflows were strong, said Finance Minister P. Chidambaram on Thursday, after the rupee fell to a near one-year low early in the day.
"I think the rupee will stabilise and find its correct level," Chidambaram said on the sidelines of a banking seminar here.
The rupee touched the key psychological level of 57 to the dollar in early trade on Thursday, approaching a record low hit nearly a year earlier as fears of an end to the U.S. Federal Reserve's monetary stimulus sent the dollar higher and hit local shares.
(Reporting by Neha Dasgupta; Editing by Sunil Nair)
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app