Amid the declining value of the rupee, Planning Commission deputy chairman Montek Singh Ahluwalia said that the government has not drawn any red line on the rupee and dubbed as “ridiculous” the suggestion on India knocking the doors of the International Monetary Fund.
“I don’t believe that either the government or the RBI have taken a view that we are drawing a red line on which rupee should be. At the moment, in my view, the rupee is over depreciated,” Ahluwalia said in an interview to CNN-IBN.
On the possibility of India going to IMF, he said: “(It is) absolutely ridiculous suggestion. The scale of facility you would need to get from IMF is very small compared to the (forex) reserves you have.”