Press Esc to close
Sunday 25 September 2016
News updated at 7:22 PM IST
Weather
Max: 25.8°C
Min : 19.6°C
In Bengaluru
Generally cloudy

Rupee to recover in 2-3 months: Govt

Mumbai, Nov 24, 2012, PTI :

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 has 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.


Go to Top

Photo Gallery
Army personnel arrive to help flood affected people in Hyderabad...

Army personnel arrive to help flood affected people in Hyderabad...

Prime Minister Narendra Modi with BJP President Amit Shah wave to the crowd at public rally...

Prime Minister Narendra Modi with BJP President Amit Shah wave to the crowd at public rally...

Thangavelu Mariyappan who won the gold in the Paralympics in Rio de Janeiro...

Thangavelu Mariyappan who won the gold in the Paralympics in Rio de Janeiro...

A view of regular traffic during relaxation given by authorities and separatists from strike...

A view of regular traffic during relaxation given by authorities and separatists from strike...

A truck hangs mid-air after breaking the railing of a road bridge over Manjira river in Medak...

A truck hangs mid-air after breaking the railing of a road bridge over Manjira river in Medak...

Cricketer M.S. Dhoni at the launch of refurbished edition of Maruti Suzuki's Alto 800...

Cricketer M.S. Dhoni at the launch of refurbished edition of Maruti Suzuki's Alto 800...

An artist takes selfie with other artists in Ahmedabad on Saturday...

An artist takes selfie with other artists in Ahmedabad on Saturday...

Indian Space Research Organisation's PSLV-C35 ready to be launch on Saturday with SCATSAT-1...

Indian Space Research Organisation's PSLV-C35 ready to be launch on Saturday with SCATSAT-1...

People participate in a protest by Maratha Karnti Morcha against Kopardi Rape case in Nashik...

People participate in a protest by Maratha Karnti Morcha against Kopardi Rape case in Nashik...

Soldier carrying weapon at a location near the Indo-Pak border in Jammu...

Soldier carrying weapon at a location near the Indo-Pak border in Jammu...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523