RBI to notify steps to revive economy, rupee: Mukherjee (Lead)

June 25th, 2012 - 3:35 pm ICT by IANS  

Pranab Mukherjee New Delhi, June 25 (IANS) Finance Minister Pranab Mukherjee said Monday the Reserve Bank of India (RBI) would announce measures later in the day to help revive the battered currency and the economy.

“The Reserve Bank of India is going to issue circular, as and when it is ready, during the day it will be announced,” Mukherjee told reporters outside his North Block office.

The finance minister refused to divulge any details of the measures to be announced by the central bank.

“Let’s wait for the notification,” he said.

Mukherjee said Economic Affairs Secretary R. Gopalan was in talks with the RBI officials and coordinated steps would be taken to bolster economic growth and revive the currency, which is under intense pressure.

The Indian rupee and the markets recovered on expectations of the new measures.

After hitting a record low of 57.33 against a dollar last week, the rupee strengthened by more than one percent.

The partially convertible rupee was trading at 56.58 against the dollar in the afternoon session, up nearly one percent from its previous trading session close at 57.12 percent.

Mukherjee, the presidential candidate of the United Progressive Alliance (UPA), met Prime Minister Manmohan Singh and announced that he would resign from the cabinet Tuesday.

“I met the Prime Minister. Tomorrow, I will be putting in my papers,” Mukherjee said.

The Congress Working Committee, the highest policy making body of the ruling party, convened a special meeting to bid farewell to the veteran leader.

Mukherjee is likely to file his nomination for the presidential poll June 28.

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