Currency devaluation detrimental to nation's export interests: Piyush Goyal

Dismissing the contention that currency devaluation encourages exports, Commerce and Industry Minister Piyush Goyal on Wednesday said weakening of the rupee would not be in the nation's interest in the long run.

He also said it is important for India to expand exports significantly and encourage investments to increase foreign exchange inflows into the country.

"There is a large pool of thought which believes that you need to devalue your currency so that you become competitive in export market...

"I can assure you from my own experience and my engagements with large sections of industry across the board confirms that rupee devaluation or