Rupee fall due to external factors, nothing to worry about at this stage: Govt

SBI Chairman Rajnish Kumar said all currencies have weakened against the dollar, but the Indian currency has not weakened very much in comparison to other currencies. “I feel that it (rupee) should stabilise between 69 and 70 because if you look at the numbers for investment which is coming into the country — investment in bonds, investment in equities — this level has become attractive for foreign investment,” Kumar said.

Research Analyst at Anand Rathi Shares and Stock Brokers, Rushabh Maru said the rupee extended losses today on account of panic demand from importers.

“Given the uncertainty surrounding Turkey crisis and strength in the dollar index, importers are buying dollars aggressively. The RBI has been intervening very selectively in the market. Hence, an absence of aggressive intervention by the RBI has spooked the market,” he said.