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Rupee Gains Control; Will Try To Control Rupee Slide Says Economic Affairs Secretary

The Indian Rupee on Wednesday opened at a low of 72.92 against US Dollar as a result of the surging crude oil prices, high demand for Dollar among traders & the ongoing trade wars.

However, Indian Rupee gained some footing & recovered at 92.19.

Economic Affairs Secretary Subhash Chandra Garg assured that measures are taken to stabilize the Indian Rupee.

READ ALSO:  Fuel Price Rises Again Despite Rupee Stabilizes

“Government and RBI will do everything to ensure that rupee does not slide to unreasonable levels. Today’s correction seems to reflect that realisation,” Garg had tweeted.

“There was no fundamental rationale for the rupee to depreciate to levels seen till yesterday. It reflected an overreaction of market operators,” Garg added.

Due to the slight recovery in the rupee by afternoon, benchmark Sensex surged about 305 points to end at 37,717.96 on Wednesday, spurred by bargain-hunting in FMCG, metal and capital goods stocks. The broader Nifty too regained the key 11,300-mark.

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