No need to worry over fall in rupee: Murthy

Terming falling value of rupee as a general phenomenon, IT major Infosys' founder N R Narayana Murthy said it should not be seen with pessimism.

"Value of rupee keeps fluctuating. This is normal. At some point of time value of Rupee was at 39 against a dollar ...," Murthy said.

He was speaking to reporters on sidelines of award function organised by Indore Management Association where he was conferred 'Lifetime Outstanding Achievement Award'.

Murthy added that global economic scenario is not in good shape as developed economies are not performing well. However, India should not worry due to these immediate global trend as the country has potential to grow at rate of 7-7.5 per cent.

"We need to work hard and take decision fast," he said.

When asked that government is facing difficulty in making decisions, the IT veteran said, "We have to look towards future and realise the seriousness of making quick decision. But this is not applicable on government alone. It applies on Infosys, local authorities of Indore and from Karnataka government to United Nations," Murthy said.

Abhishek Goenka, CEO, India Forex Advisors said, the Indian rupee closed grossly strong on Friday at 52.72 levels as compared to Thursday's closing of 53.65 levels. This was profoundly on account of RBI's beeline into the market yesterday by restricting the trading limits of banks.

The rupee premium for the forward dollar declined on fresh receiving by exporters.

The benchmark six-month forward dollar premium payable in May ended down at 147-150 paise from Thursday's close of 152-1/2-154-1/2 paise and far-forward contracts maturing in November also finished lower at 237-241 paise from 249-252 paise previously.

The Reserve Bank fixed the reference rate for the US dollar at Rs 52.8140 and for the euro at Rs 68.8091.

The rupee recovered against the pound sterling to end at Rs 81.86/88 from Thursday's close of Rs 83.14/16 and shot up against the Japanese yen to finish at Rs 67.64/66 per 100 yen from overnight closing level of Rs 68.86/88.

However, it also rose further to close at Rs 68.64/66 per euro from Rs 69.71/73 previously.