No RBI role, Rupee to recoup on its own
- Modi dares China, asks it to give up âexpansionistâ plans
- Donât discriminate between Muslims and others on false cases: Purohit to Shinde
- Fraud Office gets govt nod to prosecute Radia firms
- âStingâ journalist who reported on Amit Shah gets VIP security
- Army said unit was headed for IAF drill, ex-Air Chief says this was due only a month later
Even as the rupee plunged to a 10 -week low against US dollar on Friday erasing almost the entire gains it made since the recent reform waves, the Finance Ministry today expressed optimism of a recovery before the fiscal-end and ruled out any intervention by RBI.
"We are quite hopeful that the rupee will strengthen in next two-three months," Economic Affairs Secretary Arvind Mayaram told reporters at the concluding day of the two-day Asia Securities Forum here.
Mayaram hoped the currency will appreciate once the economy is back on an upward curve without any effective intervention by the RBI.
"I don't think RBI would have to effectively intervene for strengthening the rupee. We believe, once the slowdown bottoms out, the rupee will strengthen".
The rupee lost nearly 4 per cent against the dollar in November alone, becoming the worst loser among the leading global currencies for the month. Last year, the Indian unit was the second worst performer after the 'real' of Brazil, losing close to 20 per cent.
On the back of reform initiatives on September 14 and October 5, the rupee had rallied 5.1 per cent to close at 51.37 to the dollar. Since April, the rupee has fallen by more than 6 per cent, and it yesterday closed at 55.5350/5450 a dollar, a 10-week low.
In 2010-11, the currency appreciated by 1.1 per cent, but slid by more than 12 per cent in 2011-12 in the wake of the European crisis.
Rejecting reports of Government slipping on the fiscal deficit target of 5.3 per cent for FY13, Mayaram exuded confidence of meeting the target on the back of successful beginning of the Rs 30,000-core divestment programme yesterday wherein the Government mopped up Rs 808 crore from a 5.6 per cent stake sale in Hindustan Copper.
- ‘Irrespective of the noise, BJP won’t get so many seats. There is craze for Modi, but how much translates into votes is difficult to say’
- Hindus should 'produce' at least 5 children, says VHP leader Ashok Singhal
- AMU teachers body to boycott Mulayam visit
- Mulayam, Akhilesh woo Brahmins, Muslims
- ‘Sting’ journalist who reported on Amit Shah gets VIP security
- Don’t discriminate between Muslims and others on false cases: Purohit writes to Shinde
- What should common man expect when PM’s killers are freed: Rahul on Jayalalithaa’s decision
- The regressive state | The Indian Express
- Top General speaks: Def Secy summoned me late night, said highest seat of power was worried, troops must go back quickly
- Modi: Happy that my speeches contribute to nation’s coffers | The Indian Express