Pranab allays fears as rupee hits all-time low
Even as the rupee plunged to its historic low of 54.56 against the U.S. dollar in keeping with the global bloodbath on the bourses, the Finance Ministry on Wednesday put a brave face on it, indicating that the Indian currency would find its own level of stability as and when the eurozone crisis blows over. Allaying concerns over the sharp slide of the rupee, Finance Minister Pranab Mukherjee indicated in the Rajya Sabha that the free fall in the currency and the stock market was caused not by any intrinsic weakness of the Indian economy but due to the global risk aversion following the heightened uncertainty in the eurozone stemming from the fresh crisis in Greece.