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Rupee fall must be seen in global context: Sinha

Finance Minister Yashwant Sinha said the fall in rupee value to a record low of 47.02 to a dollar on Monday has to be seen in the overall global context where East Asian currencies depreciated between six to ten per cent.

"There is no undue volatility in the rupee value. The fall must be seen in the global context," he told reporters in New Delhi.

He, however, said it was for the Reserve Bank to deal with day to day fluctuations of rupee in foreign exchange market to ensure that there was no undue volatility.

Weak East Asian currencies have hurt Indian export competitiveness and hence analysts feel that Monday's fall would help in boosting the Indian exports.

Export growth, which was surging at over 20 per cent till January fell sharply to around 10 per cent in February, partly due to sharp depreciation of East Asian Currencies.

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