Mumbai: The volatility in the rupee, which fell to a record low on Tuesday, is a reflection of the uncertainty in the international market, the finance minister said.

A file photo of finance minister Pranab Mukherjee.

“We expect there will be a self correction in the market," he told reporters without elaborating.

The rupee hit an all-time low of 52.73 against the dollar as oil refiners and other companies scrambled to buy the US currency, taking its slide to 16.8% from its 2001 high in late July.

The RBI is monitoring forex markets and will take required action as the situation unfolds, Pranab Mukherjee said.

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