Prime Minister Manmohan Singh Friday blame unexpected reasons behind the continuous depreciation of Indian currency and promised to take strong internal measures to address the problem.
He was speaking in the Lok Sabha over the deteriorating economic condition of the country and sharp fall in Rupee.
Expressing concern over successive depreciation in the value of the Indian rupee, Prime Minister Manmohan Singh Friday said, "The depreciation in the value of the rupee since end of May is a matter of concern."
"What triggered the sharp depreciation in rupee was the market's reaction to unexpected external developments," he added.
This was an outcome of external developments and promised measures internally to address the situation.
"Clearly, we need to reduce our appetite for gold, economise the use of petroleum products and take steps to increase our exports," he said. At the same time, the fall in rupee's value was also good to some extent as it makes exports competitive.
In a bid to lift sentiments in the currency markets towards the Indian currency, he also assured that there would be no measures on capital controls.
The prime minister also assured that growth, which has slipped, would also pick up, even as everything would be done to contain the fiscal deficit at 4.8 percent of the gross domestic product (GDP).
--With IANS Inputs--
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