FM Piyush Goyal says no need for 'knee jerk' reactions over rupee's fall

Finance Minister Piyush Goyal today said there is no need for "knee jerk reactions" on the rupee front, amid the currency touching lifetime lows.

The rupee had yesterday breached the 69-mark against the US dollar for the first time due to multiple headwinds like weak global cues and inflation concerns. It finally ended at an all-time low of 68.79, slumping 18 paise.

"Knee jerk reactions are not called for," Goyal told reporters here.

Responding to queries on the steep fall in rupee, the minister also said appropriate steps would be taken after consultations with all stakeholders after taking into account global factors.

He also said the country has significant foreign exchange reserves.