Even as the rupee plunged to a 10-week low against US dollar on Friday erasing almost the entire gains it made since the recent reform waves, the finance ministry expressed optimism of a recovery before the fiscal-end and ruled out any intervention by RBI.
“We are quite hopeful that the rupee will strengthen in next two-three months,” Economic Affairs Secretary Arvind Mayaram told reporters here.
“I don’t think RBI would have to effectively intervene for strengthening the rupee. We believe, once the slowdown bottoms out, the rupee will strengthen.”
London Mayor to visit India
London Mayor Boris Johnson will lead a senior business delegation to India next week to promote the city and further enhance bilateral economic links.
The Mayor’s five-day visit to India is the first of a series of planned overseas visits seeking to build on the international exposure received by London during the successful Olympics games held early this year.