Reuters quoted a senior Indian Finance Ministry source, as saying that the Indian government now sees the ‘fair value’ of the Rupee (INR) at 72-73 against the US dollar.
The statement comes after the Finance Ministry announced a raft of measures last week to stem the Rupee’s decline.
The source noted: “The rupee could again come under pressure once the new U.S. sanctions on Iran come into force,” due to a possible rise in oil prices.
The US seeks to cut Iran’s oil exports down to zero to force Tehran to re-negotiate a nuclear deal.
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