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April 4, 2002 | 1245 IST
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Govt has targetted no fixed value for rupee: Jalan

Declining to comment on the falling rupee value, Reserve Bank of India on Thursday said that the government has not targetted any fixed value for rupee.

"We have not targetted any fixed value for the rupee. No comments on fall in value of rupee," RBI Governor Bimal Jalan said, adding, "market is quiet", implying there is no need for panic.

The rupee weakened further against the US currency early today at Rs 48.91/94 due to sustained dollar demand following concerns of a spurt in crude oil prices owing to the West Asia crisis.

"There is no direct relationship between the crude oil prices and the interest rates," Jalan said on the sidelines of the Silver Jubilee celebrations of Indian Civil Accounts Organisation.

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