Ukraine crisis not a worry, rupee to be range bound: Mayaram

The ongoing political crisis in Ukraine will not affect the Indian currency, which will continue to remain range bound, said Economic Affairs Secretary Arvind Mayaram.

"I don't think we should worry about such things (geopolitical tension in Ukraine). The Indian economy is very stable...The rupee will remain range bound," he said on the sidelines of a conference.

The rupee lost 11 paise to 62.15 against the dollar in early trade today as the US currency appreciated against the euro and other currencies overseas.

The rupee had tumbled 29 paise, its biggest loss in two weeks, to close at 62.04 against the dollar yesterday, hit by global risk aversion as the Russia-Ukraine conflict threatened to snowball into a full-fledged war.

Safe-haven driven fresh dollar demand from importers amid escalating tension between Russia and Ukraine weighed on emerging market currencies, including India's rupee.

The dollar index was up 0.10 per cent against a basket of six major global rivals. Russia's rouble was down 9 per cent.

The rupee touched a historic low of 68.85 against the dollar in August last year.

EDITORIAL OF THE DAY

  • Electricity generators sit on hundreds of gigawatts waiting for buyers

    Be it a Lok Sabha, Rajya Sabha or a state legislature poll, power — as in electricity — remains a major issue on which elections are won or lost.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Arun Kumar Jain

A complex challenge for our PSUs

Till the mid-1990s, the central government and its companies were ...

Rajgopal Nidamboor

Up the ante of your conscious existence

It sounds cryptic, but is not as complex as it ...

Dharmendra Khandal

The one in which a blue whale was washed ashore

Quite unexpectedly, a gigantic blue whale was washed ashore at ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture