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Rupee fall: FinMin says govt, RBI will do everything to check slide

The rupee collapsed to a lifetime low of 72.91 against the dollar, amid surging crude oil prices and unabated foreign fund outflows.

Press Trust of India  |  New Delhi 

rupee, currency

The government and the will do everything to ensure that the rupee does not depreciate to "unreasonable levels", the said Wednesday as the slid to a lifetime low of 72.91 to the dollar.

In the morning trade, the rupee collapsed to a lifetime low of 72.91 against the dollar, amid surging crude oil prices andunabatedd foreign fund outflows.

"Government and will do everything to ensure that rupee does not slide to unreasonable levels. Today's correction seems to reflect that realisation," Subhash Chandra Garg tweeted.

He said there was "no fundamental rationale" for the rupee to depreciate to levels seen till Tuesday. "It reflected overreaction of market operators," Garg said.

After crashing to a lifetime low in early trade, the rupee rebounded by 69 paise to trade at 72.00 to the US dollar in late afternoon trade on suspected intervention by the central bank. The traded in a range of 71.86 to 72.91 in the day trade.

On Tuesday, after scaling a historic low of 72.74, the local unit, finally settled day at 72.69, showing a loss of 24 paise, or 0.33 per cent.

First Published: Wed, September 12 2018. 15:50 IST
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