 "India's 'strong' fundamentals will reduce rupee worry: Mayaram")
New Delhi/Mumbai: India’s record high foreign exchange reserves and “strong” fundamentals should reduce concerns about the rupee currency, Economic Affairs Secretary Arvind Mayaram said on Monday.
“Today, our current account deficit is going to be below $50 billion, foreign exchange reserves are (at an) all-time high, and we believe that we have very strong fundamentals in place,” Mayaram told reporters in New Delhi.
Mayaram added he did not believe the rupee would tumble and track steep falls in the Argentina peso.
“There is no reason why we should believe that if Argentina is in trouble today, that the Indian rupee should follow.”
The Indian rupee fell to as low as 62.90 to the dollar on Monday, its lowest since Nov. 22, as emerging markets remained under pressure on fears about an economic slowdown in China and uncertainty about monetary stimulus tapering by the U.S. Federal Reserve.
Reuters
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