Finance Minister Arun Jaitley blames 'global' factors for fall in rupee

New Delhi: Finance Minister Arun Jaitley on Wednesday said that the reasons for the fall in rupee against the dollar are purely global.

He said, "If you look at the domestic economic situation and global situation, there are not domestic reasons attributable to this, but all reasons are global."

He added that the rupee is better off now than what it was four to five years ago.

"We must bear in mind that dollar has strengthened against almost every currency. The rupee has either consistently strengthened or remained in a rage, not weakened."

He assured that the Reserve Bank of India is working in the right direction and taking necessary action.

"I don't think there is any need for the world's fastest-growing economy to come out with panic and knee-jerk reactions," Jaitley said.