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The government will not take steps to stem the rupee's slide and it expects the currency to stabilize within days, Economic Affairs Secretary Arvind Mayaram said on Tuesday, after the rupee fell to a record low for a second straight day.
The government was not happy with the fall but not unduly disturbed by it, Mayaram told reporters.
The absence of central bank intervention prompted importers on Tuesday to rush to cover future dollar needs, while exporters refrained from selling dollars in expectation that the rupee could fall further.
