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Rupee to recover

Mumbai, Nov. 24 (PTI): The finance ministry is optimistic about the rupee recovering before the end of the current fiscal and has ruled out any intervention by the RBI.

The rupee plunged to a 10-week low against the dollar on Friday erasing almost the entire gains made since the recent reform wave.

“We are quite hopeful that the rupee will strengthen in the next two-three months,” economic affairs secretary Arvind Mayaram told reporters at the Asia Securities Forum here.

Mayaram hoped the currency would appreciate, without any intervention by the RBI, once the economy was back on an upward curve .

“I don’t think the RBI would have to effectively intervene for strengthening the rupee. We believe once the slowdown bottoms out, the rupee will strengthen.”

The rupee lost nearly 4 per cent against the dollar in November alone, becoming the worst loser among the leading global currencies for the month.

IKEA permit

The economic affairs secretary defended the decision to permit IKEA to sell only furniture products in the country, curtailing the Swedish retailer’s investment plans in a fast-growing consumer market.

“It’s a single-brand approval. So, they can sell those items which they can brand,” Mayaram said.

The Foreign Investment Promotion Board has approved IKEA’s 1.5-billion-euro investment on the condition that the retailer would operate only in its core business.

 
 
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