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I have no worries about the rupee: Sinha

Union Finance Minister Yashwant Sinha has said that he has no worries about the fall in rupee value as it has depreciated less against the US dollar than many other currencies in the floating regime.

"Our currency is floating like many other currencies in the world, subject to the laws of supply and demand and market forces. At times, you might notice that compared to the dollar it is depreciating. But, compared to the dollar, most currencies in the world have depreciated in recent months," he told reporters in Washington.

"In fact, when we look at the rupee, we find the depreciation is less than some other currencies of the world. So it is not really a matter of concern," Sinha said at a joint press conference with British Chancellor of the Exchequer Gordon Brown, World Bank President James Wolfensohn and first deputy managing director of the IMF Stanley Fischer.

The Indian finance minister said that "the day-to-day movements of currencies in the foreign exchange market is something which the Reserve Bank of India in our system is supposed to take care of. Their concern is to avoid undue volatility and uncertainties. They are doing the job very well."

On long-term development prospects of India, Sinha said: "It has been recognised that we, along with China, have been a centre of stability in Asia and the growth rate has been satisfactory compared to many other countries."

"It is not what we would like it to be, there is a lot more we would like to achieve than has been the case in the past, and while we don't have a programme at the IMF, we get their advice and value their advice," Sinha said.

As far as the World Bank is concerned, he said: "It is an extremely valuable partner in the development process in India and I have reason to believe that partnership with the Bank will continue."

About India, Wolfensohn said that it is the largest client of the World Bank and is the largest location for investment by the International Finance Corporation.

"We had very constructive talks with the finance minister. We continue to work in many of the states directly in India, and see no reason to doubt that will grow," the World Bank president said.

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