Raghuram Rajan: Indian Rupee has not depreciated to a worrying level
The rupee today staged a good recovery to end higher by 20 paise at 69.91 against the US currency on bouts of dollar selling by exporters and corporates. "Well just to be fair, the Indian authorities have brought down the fiscal deficit. What has expanded is the current account deficit. A lot of it driven by higher oil prices," he said. "The rupee has not depreciated to too worrying levels, its sort dollar strength around the world," Rajan told a TV channel.
Former RBI Governor Raghuram Rajan has said that the rupee has not depreciated to 'too worrying levels', though the government needs to take care of the widening current account deficit (CAD). Image source: Reuters