Finance Minister P. Chidambaram today addressed Parliament on steps the government plans to take to stabilize the rupee, following hectic deliberations in the Finance Ministry over the extended weekend.
The currency hit an all-time low of 61.80 last week.
The Reserve Bank of India (RBI) had last week announced fresh measures in an attempt to address rupee volatility. The RBI will auction Rs 22,000 crore of government cash management bills every Monday, it said in a statement, without specifying for how many weeks the sale would last.
Here are the highlights of what the Finance Minister said:
- We will have to do more on the rupee
- Current account deficit concerns reflecting on rupee
- Indian economy facing challenges
- Government will issue quasi-sovereign bonds, take steps to curb gold demand to defend rupee
- FY14 current account deficit target at $70 billion or 3.7 per cent of the GDP
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
