No need for RBI intervention to stabilise rupee

The Reserve Bank is keeping an eye on the rupee fluctuation and there is no need for its intervention at this stage, commerce and industry minister Anand Sharma said on Thursday.

"Currency fluctuations are a reality. Depreciation is there and it is an impact of what is happening in the world," Sharma told reporters on the sidelines of an interactive session with South African president Jacob Zuma here.

The rupee has depreciated by 4.4 per cent in the past one month alone as foreign investors pulled out a hefty $2 billion from the domestic stock markets which has seen increased volatility due to the uncertainty in the Eurozone economies.

Sharma said the Reserve Bank is keeping a watch on the developments in the currency market but added that he does not see any need for its interventions at this stage. "I don't see a stage has come for intervention by the RBI," he said.