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Raghuram Rajan "not too concerned about rupee hitting an all-time low"

Mini

On Thursday, rupee opened at record low 70.19 against the US dollar and further slipped to 70.26.

Former RBI governor Raghuram Rajan, while reacting to fall in rupee, said that he was not too concerned about the domestic currency as "it is more a factor of dollar strength rather than necessarily rupee weakness".
“I think the Rupee has been strengthening in real terms for quite some time. The inflation rate has been modest but slightly above world inflation rates and as a result the rupee needs a modest weakening over time," said Rajan.
Rajan believes that the state of emerging markets is way better than what it was in 2013 and that rupee hitting an all-time low is not much of a concern.
“There are other countries which are in some situation of fragility because they have upcoming elections, they have a large current account deficit, they have a large fiscal deficit, but in general, emerging markets (EMs) look a lot better than they looked in 2013 when we had the taper tantrum,” he said.
On Thursday, rupee opened at record low 70.19 against the US dollar and further slipped to 70.26. It hit 70 to the dollar for the first time on Tuesday, falling 15 paise intraday due to sharp depreciation in Turkish lira. The rupee has fallen more than 9 percent year-to-date and around 2 percent in August.

Market Movers

CompanyPriceChng%Chng
Sun Pharma773.95 70.95 10.09
Tech Mahindra1,209.55 81.75 7.25
Cipla920.05 36.95 4.18
Shree Cements28,265.75 626.80 2.27
Adani Ports674.50 14.85 2.25
CompanyPriceChng%Chng
Sun Pharma774.00 70.75 10.06
Tech Mahindra1,209.45 81.70 7.24
Power Grid Corp171.05 3.65 2.18
Bajaj Auto3,831.05 68.25 1.81
HCL Tech1,025.45 17.85 1.77
CompanyPriceChng%Chng
Hindalco444.80 -13.30 -2.90
Bajaj Finance6,228.10 -172.00 -2.69
SBI Life Insura1,098.60 -30.25 -2.68
Bajaj Finserv14,222.20 -376.85 -2.58
SBI431.80 -9.75 -2.21
CompanyPriceChng%Chng
Bajaj Finance6,228.90 -165.40 -2.59
Bajaj Finserv14,221.30 -369.15 -2.53
SBI431.70 -10.05 -2.28
Tata Steel1,433.75 -25.25 -1.73
Titan Company1,714.50 -25.60 -1.47

Currency

CompanyPriceChng%Chng
Dollar-Rupee74.41000.12500.17
Euro-Rupee88.1640-0.0840-0.10
Pound-Rupee103.3800-0.2730-0.26
Rupee-100 Yen0.6779-0.0005-0.07