Indian rupee has overshot true level: Chidambaram

Finance minister P Chidambaram said on Tuesday the Indian rupee had overshot its true level and that country was one of several emerging markets that was facing such pressures.

Written by Reuters | New Delhi | Published:August 27, 2013 11:42 am

Finance minister P Chidambaram said on Tuesday the Indian rupee had overshot its true level and that country was one of several emerging markets that was facing such pressures.

The rupee weakened to 65 to the dollar in opening trade after the lower house of Parliament approved a plan worth nearly $20 billion to provide cheap grain to the poor.

But Finance Minister P.Chidambaram said the government will stick to its target of reining in the fiscal deficit to 4.8 percent of the gross domestic product even after carrying out the food security programme.

For all the latest Business News, download Indian Express App

    Live Cricket Scores & Results
    Express Adda