RIL chairman Mukesh Ambani (left) and Tata group chairman Ratan Tata in New Delhi on Monday. Picture by Rajesh Kumar

New Delhi, Nov. 8: India today offered implicit support to a beleaguered US — under attack from China, Mexico and Russia for devaluing its currency through the US Federal Reserve’s decision to buy $600 billion of bonds — by saying that it supported all measures that would help to grow the American economy.

At a joint press conference with the US President, Prime Minister Manmohan Singh said though he was not an expert on the US federal authorities’ decisions on the dollar, India would support the steps taken to make the US economy grow. “Anything that would stimulate the underlining growth of entrepreneurship in the United States would help the cause of global prosperity.” US President Barack Obama also defended the Federal Reserve’s (Fed) policy of printing dollars.

“I will say that the Fed’s mandate, my mandate, is to grow our economy. And that’s not just good for the United States, that’s good for the world as a whole,” Obama said.

“And the worst thing that could happen to the world economy, not just ours, is if we end up being stuck with no growth or very limited growth.”

Singh’s tacit support for the Fed’s move, which will be under attack at Seoul later this week, came hours before the US President spoke of supporting India’s candidature to the UN Security Council.

Indian companies are worried over the sharp rise in the value of the rupee vis-a-vis the dollar. The finance ministry admits that infotech and garment companies will stand to lose from a depreciating dollar in case the rupee appreciates too fast or too much.

The rupee had risen to a six-month high against the dollar on Thursday, ending at Rs 44.20, up from a low of Rs 52.06, 18 months back. The rupee, however, weakened by 16 paise to 44.38 against the US currency today.