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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