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August 2, 2000
Jalan not worried by fall of rupee
The Reserve Bank of India's governor said that he was not worried about the recent fall in the rupee's value and that the central bank was not planning any immediate policy measures to defend the currency.
"Nothing just now, no surprise tomorrow," Bimal Jalan told reporters when asked if the RBI was contemplating further steps to arrest the rupee's decline. The rupee closed at a record low of 45.15/16 per dollar, weakening from Monday's close of 45.01/03 as importers rushed to cover positions.
"We don't take anything in a hurry," Jalan said after a meeting with Finance Minister Yashwant Sinha.
Asked whether he was worried by the rupee's fall, he said, "Not at all."
Jalan also said he shared Sinha's opinion that the impact of the central bank's currency defence package unveiled last month was temporary.
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