<p>Finance Minister P Chidambaram Thursday said the Indian rupee should recoup its recent losses as the depreciation was overdone given the fundamentals of the economy. <br /><br /></p>.<p>“Rupee has to find the value depending on the fundamental macro-economic factors,” Chidambaram said in the Lok Sabha, adding that the recent decline was overdone. <br /><br />"We think that the correction will take place.” However, the finance minister emphasised that the government was not targeting any particular level for the currency. <br /><br />The Indian rupee has depreciated by more than 20 percent since the beginning of the current financial year. The rupee recently hit a record low of nearly 69 against a dollar. <br /><br />Chidambaram said fundamentals of the economy would decide the value of currency. <br />The finance minister pointed out that the rupee had witnessed a volatile journey in the past and had recovered from the lows. <br /><br />Chidambaram said the government was concerned about the growth slowdown and a number of steps had been taken to revive the economy. <br /><br />"We are concerned about the decline in growth last year and I am especially concerned about the decline in growth in the first quarter of this financial year,” he said. <br /><br />India's gross domestic product (GDP) growth slumped to 4.4 percent in the quarter ended June 30, 2013 -- the worst performance in four years. The finance minister said the government was committed to meeting the tough fiscal deficit targets for the current financial year. <br /><br />"This is a year of fiscal consolidation... I have repeatedly said that the 4.8 percent which we have estimated will be the fiscal deficit is a red line. The red line will not be crossed,” he said.</p>
<p>Finance Minister P Chidambaram Thursday said the Indian rupee should recoup its recent losses as the depreciation was overdone given the fundamentals of the economy. <br /><br /></p>.<p>“Rupee has to find the value depending on the fundamental macro-economic factors,” Chidambaram said in the Lok Sabha, adding that the recent decline was overdone. <br /><br />"We think that the correction will take place.” However, the finance minister emphasised that the government was not targeting any particular level for the currency. <br /><br />The Indian rupee has depreciated by more than 20 percent since the beginning of the current financial year. The rupee recently hit a record low of nearly 69 against a dollar. <br /><br />Chidambaram said fundamentals of the economy would decide the value of currency. <br />The finance minister pointed out that the rupee had witnessed a volatile journey in the past and had recovered from the lows. <br /><br />Chidambaram said the government was concerned about the growth slowdown and a number of steps had been taken to revive the economy. <br /><br />"We are concerned about the decline in growth last year and I am especially concerned about the decline in growth in the first quarter of this financial year,” he said. <br /><br />India's gross domestic product (GDP) growth slumped to 4.4 percent in the quarter ended June 30, 2013 -- the worst performance in four years. The finance minister said the government was committed to meeting the tough fiscal deficit targets for the current financial year. <br /><br />"This is a year of fiscal consolidation... I have repeatedly said that the 4.8 percent which we have estimated will be the fiscal deficit is a red line. The red line will not be crossed,” he said.</p>