Govt says no concern over rupee, analysts see no benefit for exports

Analysts feel that the continuing fall of the rupee may not help exports

As the rupee slid to its all-time low, the government tried to assuage sentiments on Tuesday, saying that the fall in exchange rate was because of  external factors and was not a cause of concern.

“The rupee is depreciating because of external factors. There nothing at this stage to worry,” Economic Affairs Secretary Subhash Garg said. 
 

Speaking to reporters, Garg said the Reserve Bank of India had spent about $23 billion to intervene and support the rupee. 

On what could happen if the fell to 80 against the dollar, Garg said it will not be a concern, provided all other currencies depreciate