Piyush Goyal, India’s railways and coal minister at a business summit. (Photographer: Anindito Mukherjee/Bloomberg)

No Need For ‘Knee-Jerk’ Reactions On Rupee, Says Piyush Goyal

Interim Finance Minister Piyush Goyal today said there is no need for “knee-jerk reactions” on the rupee front, amid the currency touching lifetime lows.

The rupee yesterday breached the 69-mark against the U.S. dollar for the first time due to multiple headwinds like weak global cues and inflation concerns. It finally ended at an all-time low of Rs 68.79, slumping 18 paise.

Also read: India Has Enough Firepower To Combat Rupee Volatility, Economic Affairs Secretary Subhash Garg Says

On the steep fall in rupee, the minister said appropriate steps would be taken following consultations with stakeholders after taking into account global factors. The country has significant foreign exchange reserves, he said.