Union Minister Arun Jaitley said India has sufficient foreign exchange reserves to mitigate any undue volatility in the currency market. His comment comes a day after the rupee fell sharply to breach the 70-mark against the dollar for the first time. In a series of tweets, Mr. Jaitley said that the developments were being monitored closely to address any situation that may arise in the context of the “unsettled international environment.”
“India’s foreign exchange reserves are comfortable by global standards and sufficient to mitigate any undue volatility in the foreign exchange market,” he said.