Prime Minister on Friday said the currency's fall was a matter of concern, but dismissed doomsayers' predictions for the economy.
NEW DELHI: Prime Minister Manmohan Singh sought to
quell fears of a currency crisis on Friday as economic growth fell to a four-year low, while New Delhi raised prospects of joint intervention with other countries following the rupee's crash to record lows.
The finance ministry's principal economic adviser, Dipak Dasgupta, told Reuters that India was liaising with governments in other emerging-market countries to co-ordinate intervention in offshore currency markets. Dasgupta predicted action soon, but he declined to share specific details of the discussions.
The move to target traders abroad came as the rupee suffered its worst month ever, dropping more than 8 per cent against the dollar in August as confidence drained out of India's economy.
The finance ministry's principal economic adviser, Dipak Dasgupta, told Reuters that India was liaising with governments in other emerging-market countries to co-ordinate intervention in offshore currency markets. Dasgupta predicted action soon, but he declined to share specific details of the discussions.
The move to target traders abroad came as the rupee suffered its worst month ever, dropping more than 8 per cent against the dollar in August as confidence drained out of India's economy.
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