NEW DELHI, Sept 5 (Reuters) - The value of the rupee will be
decided by macroeconomic conditions, the Indian finance minister
said on Thursday, adding that he expected some recovery in the
currency after sharp losses since May.
P Chidambaram said the current value of the rupee was a
matter of concern but that the currency had been due a fall.
"The rupee has to find its value in the market depending
upon macro factors," he told parliament.
Chidambaram reiterated that he was committed to meeting a
tough fiscal deficit target for the fiscal year ending in March
"This is a year of fiscal consolidation," he told lawmakers.
"I have repeatedly said that the 4.8 percent which we have
estimated will be the fiscal deficit is a red line. The red line
will not be crossed."
The fiscal deficit was 4.9 percent for the fiscal year ended
(Reporting by Rajesh Kumar Singh; Writing by Krishna Das;
Editing by Frank Jack Daniel)