<p>The rupee saw an abrupt fall on Thursday morning after a media report claimed that the commerce ministry may discuss devaluation of the currency with the finance ministry to stem the dip in exports.<br /><br /></p>.<p>The rupee opened higher at 66.88 to the US dollar in the morning from its close at 66.89 on Wednesday, but fell to 67.075 on the news of a possible devaluation by a private television channel.<br /><br />By 11 am, the currency recovered some ground after a top finance ministry official played down the news.<br /><br />Economic Affairs Secretary Shaktikant Das said, “The value of the rupee is determined by the market and there is no plan to change that.”<br /><br />Commerce Minister Nirmala Sitharaman tweeted that she did not tell any reporter that the government was discussing a devaluation, but did not deny the news either.<br /><br />Officials in the finance ministry said it was normal to lobby for devaluation to check falling exports.</p>
<p>The rupee saw an abrupt fall on Thursday morning after a media report claimed that the commerce ministry may discuss devaluation of the currency with the finance ministry to stem the dip in exports.<br /><br /></p>.<p>The rupee opened higher at 66.88 to the US dollar in the morning from its close at 66.89 on Wednesday, but fell to 67.075 on the news of a possible devaluation by a private television channel.<br /><br />By 11 am, the currency recovered some ground after a top finance ministry official played down the news.<br /><br />Economic Affairs Secretary Shaktikant Das said, “The value of the rupee is determined by the market and there is no plan to change that.”<br /><br />Commerce Minister Nirmala Sitharaman tweeted that she did not tell any reporter that the government was discussing a devaluation, but did not deny the news either.<br /><br />Officials in the finance ministry said it was normal to lobby for devaluation to check falling exports.</p>
