August 27, 2013 5:46 PM

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Need currency swap arrangements with important trading partners: Anand Sharma

Commerce and Industry Minister Anand Sharma today said India needs to seriously look at currency swap arrangements with important trading partners with a view to stabilise the rupee. Speaking at the Board of Trade meeting in New Delhi, Mr. Sharma asked for the suggestions from the Industry and bankers to look at the possible currency swap with the four big nations to boost the domestic currency.The rupee has been consistently hitting record lows and breached 66 to a dollar today.The Commerce Minister said rupee depreciation was not helping exporters because most of the exports were dependent on imported raw material. Mr. Sharma informed the Country will exceed the export target of 350 billion dollars this year. He said the Government is also banking on higher exports to help bridge the current account deficit which in turn would steady the rupee.The Commerce minister asserted there is no policy paralysis in the Government and key decisions are being taken to put the country back on the growth trajectory. He said the partisan propagandas have led to delays in various measures taken by the Government including the FDI. The Minister also sought support from Industry and media to contribute towards positivity and confidence rebuilding amongst foreign investors.

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