'Rupee in comparatively better position'

By Sridhar Krishnaswami

WASHINGTON, APRIL 30. The Union Finance Minister, Mr. Yashwant Sinha, today said he was not concerned at the weakening of the rupee against the dollar.

At a press conference after a special session of the International Monetary and Financial Committee and the Development Committee, Mr. Sinha said the rupee was floated like many others and the value to the dollar depended on the supply, demand and market forces.

``Compared to the dollar, most currencies have depreciated in recent months. If you look at the rupee you will find that the depreciation is less than (the depreciation in) some other countries. It is not really a matter of concern,'' Mr. Sinha said.

Mr. Sinha, who is the chairman of the Development Committee, said the movements in the foreign exchange market were the concern of the central bank. ``Their concern is to avoid uncertainties and I think they are doing their job very well.'' On a long-term developmental prospects for India, Mr. Sinha said the World Economic Outlook had declared India and China as the centre of stability in Asia.

The growth rate in India was satisfactory; but it is ``not what we would like it to be. There is a lot more we would like to achieve,'' Mr. Sinha said.

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Section  : International
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