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Journalism of Courage
The rupee on Friday declined 19 paise against the dollar at 63.30 in the wake of strong demand for the US currency from oil companies even as the Sensex gained 245 points to close at 27,371.84 on Friday.
The rupee came under pressure on heavy dollar demand. Finance minister Arun Jaitley said in Parliament there was “no serious crisis” for the domestic currency as it was stabilising after a few days of “volatility”. “I don’t see any serious crisis on the real value of rupee,” he said.
The rupee had plunged to 13-month low of 63.53 earlier this week amid chaos in global financial markets caused by volatility in Russian currency ruble.
The rupee had declined by a steep 132 paise or 2.12 per cent in three days of losses till December 17 before it notched up a 50-paise gain on Thursday.
