Mumbai: The value of the rupee will be decided by macroeconomic conditions, Finance Minister P Chidambaram said on Thursday, adding that he expected some recovery in the currency after sharp losses since May.
Chidambaram said the current value of the rupee was a matter of concern but that the currency had been due a fall.
"The rupee has to find its value in the market depending upon macro factors," he told parliament.
Chidambaram reiterated that he was committed to meeting a tough fiscal deficit target for the fiscal year ending in March 2014.
"This is a year of fiscal consolidation," he told lawmakers. "I have repeatedly said that the 4.8 per cent which we have estimated will be the fiscal deficit is a red line. The red line will not be crossed."
The fiscal deficit was 4.9 per cent for the fiscal year ended on March 31.
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