Nirmala Sitharaman rubbishes rupee devaluation claims

Indian Rupee (INR) fell to its two-week low of Rs 67.065 as media reports suggested that Indian Government might look to devalue the currency. 

However, the currency pared losses as commerce minister Nirmala Sitharaman quickly gave a statement denying any such move. She said, "I had no conversation on devaluation of any currency with any news correspondent.Any quotes/mentions referring to me on this topic baseless."

I had no conversation on devaluation of any currency with any news correspondent.Any quotes/mentions referring to me on this topic baseless.

— Nirmala Sitharaman (@nsitharaman) September 15, 2016

Rupee was trading at Rs 66.94 to a dollar after Sitharaman's comments. 

Shaktikanta Das, Secretary, Economic Affairs, Government of India, said, "I don't think commerce minister has gone on record. I don't think commerce ministry said so."

The value of rupee is determined by the market and there is no plan to change the policy. The market reports that Government want to devalue rupee is false, he said.

Earlier in this day, CNBC TV18 had quoted government sources saying that a meeting could take place next week to discuss INR's devaluation in order to boost India's lagging exports.