labels: rbi, confederation of indian industry, finance - general, economy - general
CII urges RBI to help arrest further appreciation of rupeenews
Our Banking Bureau
01 August 2003
Mumbai: Confederation of Indian Industry (CII) has made a strong plea for intervention by the Reserve Bank of India (RBI) in the foreign currency market in order to limit further appreciation of the rupee.

This plea was made by a CII delegation, headed by its president Anand Mahindra, during a meeting with RBI governor Dr Bimal Jalan yesterday. Mahindra expressed concern over the steady appreciation of the rupee vis-à-vis all "competitor currencies" since July 2002.

"Despite the healthy growth indicators in the Indian economy, there is cause for concern and it has to do with the way in which the rupee is appreciating. The rupee has appreciated by almost 5 per cent on an annualised basis," says Mahindra.

 


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CII urges RBI to help arrest further appreciation of rupee