PM wants measures to avoid rupee volatility: Chidambaram

After the UPA coordination committee meeting, Finance Minister P. Chidambaram today said that the Prime Minister wants measures to avoid volatility in the rupee. However he did not specify what those measures could be. The rupee dropped more than 15 percent from its 2012 high in early February to a life low of 57.32 per dollar on June 22. It has, however, since recovered 7.5 percent. Chidambaram also said that the recent steps taken by the Congress-led UPA Government such as the diesel price hike might burden the people, but added that the reforms were necessary.