Attributing the slide in rupee value against the US dollar to various domestic and global factors, finance minister Pranab Mukherjee on Sunday said that the Reserve Bank of India was taking steps to arrest the currency’s depreciation.
"There are a lot of reasons for this (depreciation)," said Mukherjee. "There is demand and supply in the market. In the US, there is surplus investment. It used to be a safe haven."
"Europe used to be an important destination for exports, but demand there is uncertain," Mukherjee added.