Finance Minister P Chidambaram is unfaced by the Indian rupee touching the psychological level of 57 against the US dollar, saying there is no cause for alarm and the currency will soon find its stable level.
The rupee hit the 57-level after 11 months
in late morning trade on Thursday, on persistent dollar demand from importers and banks. It moved in a range of 56.89 per dollar and 57.00 per dollar during the day's trade.
"There is no alarm bell on the Rupee front. I think rupee will soon find its stable level. (Foreign) Inflows are good in past two months, it was extremely good," he told reporters on the sidelines of an event here.
In the past eight days, the domestic currency has
weakened by over 150 paise against the dollar, amidst concerns of withdrawal of stimulus by the US administration.
The rupee had touched a record low of 57.32 in late June last year.
Supported by portfolio capital inflows and various reform measures announced during the period, the rupee remained strong during December 2012 to early-February 2013. However, it
witnessed some weakness during the second week of February to early March. The rupee gained some strength to remain largely range-bound and saw subsequent appreciation during April 2013.
With inputs from PTI 
Finance Minister P Chidambaram 
Special 
