NEW DELHI (Reuters) - The rupee's tumble is a "matter of concern", but is part of a needed adjustment due to India's large current account deficit and will have a positive impact on export competitiveness in coming months, Prime Minister Manmohan Singh said on Friday.
Singh told parliament that the current account deficit was "unsustainably large" and to remedy this there needed to be a reduction in demand for gold and oil imports.
He added that although the rupee was overshooting on the foreign exchanges India was not contemplating any capital controls.
(Reporting by John Chalmers)
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