NEW DELHI, Aug. 14 (Xinhua) -- Indian rupee further devalued on Tuesday and breached the 70-mark against the U.S. dollar for the first time ever.
The rupee stood at 70.09 against the U.S. dollar on Tuesday, reported the Press Trust of India. Analysts expected the rupee to fall further, to below 70 per dollar.
However, Economic Affairs Secretary Subhash Chandra Garg said that the fall in the value of Indian rupee was due to external factors and there was no need to worry at this stage.
"As currencies of other economies are also depreciating, intervention by the country's central bank Reserve Bank of India (RBI) by selling dollars in the country will not help much at this stage for stabilizing the rupee," he was quoted as saying.
"Even if the rupee falls to 80, it will not be a concern provided all other currencies depreciate," he added.
