Arun Jaitley says, No need to panic over rupee devaluation

Finance Minister Arun Jaitley on Wednesday said there is no need to worry over the steep fall in the Indian rupee's value against the US dollar as the inherent strength of the country's economy will aid in arresting the downtrend.

According to Jaitley, the recent trend in the Indian rupee's devaluation has been caused due to external factors such as fluctuations in the global crude oil prices, trade war tensions and outflows of funds towards the US.

"No need for the world's fastest-growing economy to come out with panic and knee-jerk reaction...," Jaitley said at a media briefing after the meeting of the Union Cabinet.

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