Mehta also suggested that the government could use the "huge amount of reserves" to prevent the rupee from depreciating rapidly.
At the interbank forex market, the local unit opened lower at 80.00 against the greenback and fell further to an intra-day low of 80.05.
The Sri Lankan rupee has fallen over 66 per cent against the rupee in the last six months. It was trading at 2.7 per INR on January 19 and has fallen to 4.5 on July 19
With front-loaded rate hikes by the US Fed, the US dollar will remain relatively strong in the immediate term
While the impact on other currencies has been sharp with most of them depreciating, the rupee has done well, being somewhere in the middle
Textile industry players indicate that the weak rupee will help the industry, which is a net exporter, to the extent of 5-10 per cent rise in profit margins
The currency has been buffeted by nearly $30 billion of foreign outflows from the nation's equities so far this year -- a record sum
Crude oil prices jumped on Monday as US President Joe Biden's talks with West Asian countries failed to culminate in an agreement to increase output
The dollar index was weak in Monday afternoon trade in Asia after several Federal Reserve officials signalled they did not favour stepping up the rate hiking pace, says an analyst
Over the past month, the RBI has also taken several steps to attract fresh overseas capital to Indian markets
Transactions in INR shift entire exchange rate risks to the foreign party. It is difficult to fathom why any foreign trader would agree to that
It's seen at 80.20/$ at July-end, stabilising at 80.50 by Sept
The Reserve Bank of India (RBI) remained net buyer of the US currency in May, after it purchased USD 2.001 billion on net basis from the spot market, the RBI data showed.
The country's foreign exchange reserves had declined by $8 billion in the week ended July 8 to hit a 15-month low of $580.25 billion as RBI stepped intervention in the forex market
At the interbank foreign exchange market, the local currency opened at 79.95 and witnessed an intra-day high of 79.82
The primary and immediate impact of a depreciating rupee is on the importers who will have to shell out more for the same quantity and price
At the interbank foreign exchange, the rupee opened up at 79.95 against the American dollar, then gained further strength to trade at 79.92 in early deals
LIC's Indian embedded value (IEV) grew marginally to Rs 5.41 trillion as of March 2022 compared with Rs 5.39 trillion as of September 2021