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REFILE-Adjustment in Indian rupee was called for - PM adviser

Source : REUTERS
Last Updated: Tue, Sep 03, 2013 10:40 hrs

(Refiles to fix syntax in paragraph 1)

NEW DELHI, Sept 3 (Reuters) - The adjustment in India's rupee, which has fallen by nearly 20 percent since May, was called for as the country has seen high inflation compared with other countries, the prime minister's economic adviser said on Tuesday.

"In some sense, the adjustment in the rupee was very much called for because our inflation rate was running so much higher than in the other countries," said Rangarajan, chairman of Prime Minister's Economic Advisory Council.

On Tuesday, the partially convertible rupee, the worst performing currency among the major global economies, dropped as much as 3.1 percent to 68.12 per dollar. (Reporting by Rajesh Kumar Singh and Krishna N.Das; Editing by Supriya Kurane)



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