No need to panic on rupee slide: Chidambaram

Last Updated: Fri, Jun 21, 2013 13:50 hrs

New Delhi, June 21 (IANS) Finance Minister P Chidambaram Friday said there was no need to panic over the recent slide in the value of rupee and the Reserve Bank of India (RBI) would take steps to control it.

"My request is we should not react and panic. It is happening around the world," Chidambaram told reporters here.

He said the dollar has appreciated sharply against major global currencies due to misinterpretation of US Federal Reserve chairman Ben Bernanke's recent comments on stimulus.

"I think Mr Bernanke's statements are being misunderstood. It is not just you all (Indian journalists) but your counterparts outside also," Chidambaram said.

The Indian rupee slumped to a record low of 59.98 against a dollar Thursday, a day after the US Federal Reserve signalled an end to its monetary stimulus.

The rupee recovered Friday and closed at 59.27 at the inter-bank foreign exchange market in Mumbai against its previous day close at 59.57.

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