Finance Minister Pranab Mukherjee has said that the volatility in global commodity prices is responsible for the depreciation of rupee.

Speaking to reporters in Manila, he said deteriorating balance of payment situation in several Asian countries is also putting pressure on currencies.

The Finance Minister said in several Asian countries, except China, the balance of payment, BoP, is under stress which leads to currency depreciation.

Mr Mukherjee is in Manila to attend 45th annual meeting of the Asian Development Bank (ADB) Board of Governors. He will assume chairmanship of ADB today.