He said that even if the rupee falls to 80 per dollar, "it will not be a concern provided all other currencies depreciate in the same range".
Mumbai: Rerversing all its early gains, the rupee on Tuesday collapsed to a life-time low of 70.09 against the United States dollar, falling 16 paise amid fears that Turkish economic crisis could lead to a global financial meltdown. There is "nothing at this stage to worry", Economic Affairs Secretary Subhash Chandra Garg said. It, however, recovered from the all-time low.
The Indian currency, he said, is still better as compared to certain other currencies.
Garg also said that while the Reserve Bank of India had sufficient foreign exchange reserves, its intervention in the currency market may not be of much help as of now, as the weakness in the rupee was a result of global factors.
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Salil Datar, CEO and executive director, Essel Finance VKC Forex, said, "The current drop in Rupee is mainly due to the crisis in Turkey". With that, the rupee fell below the 70 level against the USA dollar for the first time ever. Asian stocks mostly steadied on Tuesday as the impact of the economic crisis in Turkey was relatively contained in developed markets overnight, Mint reported.
He said the RBI has spent about $23 billion so far to intervene in the market. This has come on the back of the rupee's weakest ever loss of Rs. 1.09 against the U.S. dollar on Monday.
The corresponding rates were 69.4685 and 79.1876, yesterday.
Investors preferred safe-havens such as the US dollar and the yen after a plunge in the Turkish Lira sent all emerging market currencies sharply lower.