Mumbai: The rupee is being pressured by the country’s large deficit and other macroeconomic fundamentals, said K.C. Chakrabarty, a deputy governor of the Reserve Bank of India (RBI), on Tuesday.
A file photo of RBI deputy governor K.C. Chakrabarty.
“The country which has high fiscal deficit, inflation is high, and which has high trade deficit and current account deficit, I don’t see why its currency will not depreciate,” said Chakrabarty on the sidelines of an industry event.
The rupee had touched an all time low of 54.30 to the dollar last Thursday.