Finance Minister Palaniappan Chidambaram said on Friday that the sharp falls in domestic markets that sent the rupee to a record low were a reaction to global developments and he expected calm to return.
Chidambaram, speaking to reporters, also said the fundamentals of the Indian economy had not changed and asked investors to wait for the April-June quarter growth numbers due at the end of the month.
"We have taken a number of measures," Chidambaram said. "Let us wait for what the first quarter growth numbers are."
Chidambaram spoke on a day which saw the rupee plunge to a record low of 62.03 to the dollar and stocks sliding to their biggest single day fall in two years.