rediff.com

NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  

Rediff News  All News 
Rediff.com  » Business » Adjustment in rupee was called for: Rangarajan

Adjustment in rupee was called for: Rangarajan

September 03, 2013 15:39 IST

MoneyAdjustment in rupee, which has fallen by nearly 20 per cent since May, was called as the country has seen high inflation compared with other countries, Prime Minister's economic adviser C Rangarajan said on Tuesday.

"In some sense, the adjustment in the rupee was very much called for because our inflation rate was running so much higher than in the other countries," said Rangarajan, chairman of Prime Minister's Economic Advisory Council.

On Tuesday, the partially convertible rupee, the worst performing currency among the major global economies, dropped as much as 3.1 percent to 68.12 per dollar.

Rajesh Kumar Singh and Krishna N Das in New Delhi
Source:
© Copyright 2013 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.