Jaitley says global reasons responsible for rupee hitting all-time low
New Delhi, Sept 5 (IBNS): Union Finance Minister Arun Jaitley on Wednesday said all global reasons are responsible for rupee hitting an all-time low on Thursday.
Continuing its rapid fall,the Indian rupee touched a fresh all-time low of 71. 79 against the US dollar, falling 21 paise in late morning deals on Wednesday, reports said.
Jaitley said that no domestic reason is responsible for the rupee fall.
"There are no domestic reasons... Reasons are global. In the last few months, the dollar has strengthened against every currency," Jaitley was quoted as saying by NDTV.
Jaitley said the rupee "has either consistently strengthened or remained in a range and not weakened."
"Most of the other currencies of the world, compared to what it was 4-5 years ago, rupee is better off," said he.
The fall is being attributed to a sudden surge in dollar-buying by banks and importers.
At the beginning of the day the Indian currency gained 15 paise a 71. 43 against Tuesday's closing level of 71.58 a dollar, which, however, could not be sustained.
The rupee had settled at 71.21 on Monday.
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