Knee-jerk reactions are not called for: Piyush Goyal on weak rupee

Posted on by KNBT

NEW DELHI: On falling rupee, finance minister Piyush Goyal on Friday said that knee-jerk reactions are not called for, news agency PTI reported. The rupee this morning recovered from the all-time low levels it had plunged to on Thursday, but continued to trade weak.

The Indian currency had yesterday breached the 69-mark but covered lost ground to finally close at an all-time low of 68.79 with a fall of 18 paise against the US dollar due to multiple headwinds like weak global cues and concerns related to inflation and fiscal slippage.

Selling of dollars by banks and exporters today made the greenback weak against some currencies overseas, which supported the rupee, forex dealers said.

Goyal is in-charge of the finance ministry following the medical treatment of Arun Jaitley. Jaitley underwent a successful kidney transplant at the All India Institute of Medical Sciences (AIIMS).

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