This is one of the areas where India and the South-East Asian nations should be consulting continuously and looking at strategies to prevent any crises, Vajpayee told The Nation newspaper of Thailand. ``We have neither triggered competitive devaluation in the past nor indulged in it despite pressures to do so,'' he told the newspaper in an interview.

The prime minister's remarks assume significance in the context of reports that China is considering devaluing the yuan to cope with the East Asian crisis.

The East and South-East Asian crisis is a reminder of the harm this can do to Asian markets as also to the "real economies" and "asset values" of Asian countries, he said.

``We would, therefore, urge against any competitive devaluation in the future,'' he said.

India had weathered the crisis quite well so far though the second wave was beginning to impact the economy, Vajpayee said adding that ``we are affected by market sentiments'' and there is a heightened risk assessment about Asia.

Rejecting suggestions that India failed to respond to the financial turmoil in Thailand and Indonesia, Vajpayee said India did respond to the crisis the entire Asean region states faced with solidarity and practical initiatives.

India did express confidence in the capacity of Asean countries to overcome the present challenges, he said adding ``we have gone beyond expressing moral support in regional and international fora while pressing for an enlightened and balanced approach in dealing with the crisis''.

``We have offered Government to Government credit, Exim bank credit for both trade and investment transactions, counter trade and local currency trading arrangements which are in the process of being implemented with interested countries,'' he said.