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RBI taking steps to check R slide: FM

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.

business Updated: May 28, 2012 00:27 IST
PTI

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.

First Published: May 28, 2012 00:25 IST