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Rupee stable, may appreciate: FM
Special Correspondent
NEW DELHI:
Allaying fears of sharp volatility in the foreign exchange market following the slide of the rupee against the U.S. dollar, Finance Minister P. Chidambaram on Wednesday asserted that the Indian currency was stable in terms of the real effective exchange rate (REER) and was likely to appreciate.
Speaking to newspersons after the rupee slumped to a new three-year low of Rs. 46.93 against the dollar, Mr. Chidambaram pointed out that the rupee value reflected the demand-supply conditions in the market. "It is quite likely that the rupee will appreciate. We should not forget that the rupee was 47 [against the U.S. dollar] in 2003 also."
The rupee touched a three-year low on Tuesday as international crude oil prices hovered near record highs, while the dollar also held steady at higher levels in the global markets.
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