India not defending rupee, currency can take care of itself : V Anantha Nageswaran
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Chief Economic Advisor (CEA) V Anantha Nageswaran has said India is not defending the rupee and the Reserve Bank of India (RBI) is taking necessary steps to ensure that the movement of the rupee is gradual and in line with market trends. Further, he said that the rupee is being managed in a manner that reflects the fundamentals of the economy.
He mentioned ‘India is not defending the rupee… I don’t think Indian fundamentals are such that we need to defend the rupee. The rupee can take care of itself.’ He added ‘The RBI is making sure that whatever direction the rupee is moving in line with the market trends is just gradual and doesn't impose burden either on the importers or the exporters.’
Besides, on declining foreign exchange reserves, he said, global risk aversion prevents capital from coming in. Naturally that is what (foreign) reserves are meant for. RBI data showed the country's foreign exchange reserves declined by USD 3.007 billion to USD 561.046 billion in the week ended August 26.
