Reserve Bank of India (RBI) Governor Duvvuri Subbara today asked people of the country not to treat depreciation of rupee with depreciation of self respect as there would be fluctuations. Addressing a seminar on Current Issues in Macroeconomic Management Organised by the Andhra Chamber of Commerce and Industry, he said as price of potato goes up and comes down same way price of rupee goes up and comes down and there is no need to treat depreciation of rupee with self respect. For the last few weeks, the rupee is depreciating. In fact, there is depreciation in currencies of other countries. But the depreciation of rupee is higher than other currencies, he admitted. Mr Subbarao said due to depreciation of rupee, the exporters were getting benefited while the importers were incurring loss and pointed out that the Government of India was a major importer to meet the requirements of subsidised supplies. We are watching the market carefully. We will take some administrative measures to check speculations to ensure that the rupee is not further depreciated, he made it clear.
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