The value of rupee is indeed a matter of concern. We think it has overshot its value. Rupee correction will take place, the minister said. The rupee has to find its value in the market, depending upon macro factors.
The rupee, one of the worst-performing currencies in emerging markets over the past few months, has been volatile and on a constant slide since the US Federal Reserve announced the tapering off of its quantitative easing programme. It touched an all-time low of 68.80 to a dollar last month, but has strengthened since then.
Lok Sabha passes demands for grants
The Lok Sabha on Thursday passed the Supplementary Demands for Grants, allowing the government to spend an additional R7,500 crore.
The government last month sought Parliaments approval to spend the additional sum, including R1,000 crore for setting up the Nirbhaya Fund for safety of women, and a similar amount for womens bank.