Union Finance Minister P Chidambaram has said that the currency is set up open markets and there is nothing much which can be done regarding the rupee's exchange rate.

Stating that the rupee is way above the comfort level, Chidambaram was quoted as saying, "If I have to help the exporters, I can only do so by fiscal steps."

The Finance Minister, who is in Washington for a meeting with Treasury Secretary Henry Paulson said Indian will have little impact from the US subprime mortgage crisis.

Capital inflows into the stock market hit a record high for the fifth straight resulting in the rupee ending short of a nine-year peak on Tuesday. The Indian rupee closed at 39.73/74 per dollar. This is higher than the previous close of Rs39.77 and a shade below Monday's peak of 39.72.

Mr. Rakesh Joshi

Joshi Enterprise

Manager, Joshi Enterprise
Dispur, India

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