New Delhi, Sep 5: Finance Minister Arun Jaitley on Wednesday blamed global reasons for the plunging rupee and said most of the other currencies of the world, compared to what it was 4-5 years ago, the Rupee is better off. While talking about the unprecedented fall of the rupee against the dollar this week, Jaitley said there was no need for the world's fastest-growing economy to 'panic' and come up with 'knee-jerk reactions' as there are no domestic reasons.

The Finance Minister said we must bear in mind that dollar has strengthened against almost every currency and the Rupee has either consistently strengthened or remained in a rage, not weakened. "If you look at the domestic economic situation and global situation, there are not domestic reasons attributable to this, but all reasons are global", Jaitley said.  In the last few months, the dollar has strengthened against every currency," he added.

Jaitley said that RBI is certainly doing whatever is necessary. "I don't think there is any need for the world's fastest-growing economy to come out with panic and knee-jerk reactions", he added. On Wednesday, the rupee declined 17 paise against the US dollar to close at 71.75. This marked the sixth consecutive session when the rupee settled lower.

The rupee hit a lifetime low of 71.96 against the US dollar, before settling at 71.75 for the day. Reports inform that analysts expect the rupee to continue to be weak till oil prices ease. Earlier today, the rupee had hit a lifetime low of 71.96 against the US dollar, before settling at 71.75 for the day.

(The above story first appeared on LatestLY on Sep 05, 2018 09:29 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).