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July 3, 2001 		Feedback  
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Sinha says forex situation under control

Finance Minister Yashwant Sinha said on Tuesday that there was no cause for concern about the rupee which sank to another lifetime low earlier in the day before clawing its way back up.

"The foreign exchange situation is absolutely under control," Sinha told reporters. "We (India) are sitting on $43 billion of reserves."

He made the comment after attending a meeting with Reserve Bank of India Governor Bimal Jalan to discuss the country's slowing economy.

The rupee ended firmer on Tuesday at 47.1200/1300 after sinking to a record low of 47.21 in the morning. Tuesday's gains snapped a three-day losing streak triggered by end of the quarter dollar demand and dwindling supplies.

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