Govt says concerned over fast pace of rupee's fall against dollar

[K.Karthik Raja]

Govt says concerned over fast pace of rupee's fall against dollar
Thursday, May 22

NEW DELHI - The government is concerned over the consistent fall
in the
rupee against the dollar, Commerce Secretary G.K. Pillai said today.
"We are worried at the fast pace of depreciation in the value of
the
rupee, as it is not good for business," Pillai said on the sidelines
of a
World Trade Organization seminar.
However, weaker rupee is good for exports, he said. A stronger
dollar will
lead to higher gains for dollar-denominated exports when converted
into the
Indian currency.
The fall in the rupee has seen shares of export-driven companies,
such as
information technology service providers, surge in the last few weeks.
India targets exports worth $200 bln during the current financial
to March.
The Indian currency has fallen over 7% against the dollar since
the start
of the current financial year in April.