MUMBAI (Reuters) - There is no cause for alarm on the rupee and capital inflows were strong, said Finance Minister P. Chidambaram on Thursday, after the rupee fell to a near one-year low early in the day.
"I think the rupee will stabilise and find its correct level," Chidambaram said on the sidelines of a banking seminar here.
The rupee touched the key psychological level of 57 to the dollar in early trade on Thursday, approaching a record low hit nearly a year earlier as fears of an end to the U.S. Federal Reserve's monetary stimulus sent the dollar higher and hit local shares.
(Reporting by Neha Dasgupta; Editing by Sunil Nair)