India doesn’t need IMF help for stabilising rupee: Montek

New Delhi, Aug 31 (IANS) India does not need the International Monetary Fund's help to ensure the stability of the rupee, which has depreciated by almost 20 percent against the dollar in the past three months, Planning Commission Deputy Chairman Montek Singh Ahluwalia said Saturday.

“I don't think our current economic situation requires us to go to IMF. I don't anticipate that situation in the near future,” Ahluwalia said at a media conference here. 

He said the rupee had “over depreciated” and should appreciate now, and find an appropriate level. 

The Indian rupee has lost almost 20 percent of its value against the dollar since the beginning of the current financial year. The rupee hit a record low of 68.85 against a dollar earlier this week. 

Some analysts compare the recent currency market volatility with the 1991 balance of payment crisis when the country was forced to pledge its gold with IMF to pay import bills. 

Ahluwalia said the fall in the value of rupee has a mixed impact on the Indian economy – benefiting a section while hurting others. 

“Depreciation hurts some people, it benefits other people… it is putting our exporters in a strong position,” he said.