Indian rupee falls report of ministry call for weaker rupee; Finance Ministry denies

The Indian rupee fell below 67 to the dollar on Thursday after a television channel reported that the commerce ministry will propose a devaluation in the unit to the government to promote dwindling exports.

The finance ministry denied that the government was discussing a possible devaluation of the rupee, whose floating exchange rate is managed by the Reserve Bank of India.

The rupee fell to 67.0750 from 66.83 before CNBC-TV18 flashed the news and then recovered to 66.9300 on other media reports that there was no decision to propose for a weaker unit. The Indian rupee had closed at 66.8875/8975 to the dollar on Wednesday.

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