Indian Rupee Falls Vs U.S. Dollar Despite Govt. Dismissing Devaluation Report
September 15 2016 - 1:16AM
RTTF2
The Indian rupee dropped against the U.S. dollar in afternoon
trading on Thursday, despite the the finance ministry denying talks
of rupee devaluation, and saying that the exchange rate would be
decided by the market forces.
Economic Affairs Secretary Shaktikanta Das denied a CNBC report
that it was proposing a possible devaluation of the currency to
boost exports.
"The value of Rupee is determined by the market and there is no
plan to change the policy. The market reports that government want
to devalue Rupee is false," Das told.
The rupee slipped to a session's low of 67.09 against the
greenback, off its early 2-day high of 66.76. On the downside,
68.00 is likely seen as its next support level.
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