FinMin, Trade Min to meet next week to review rupee value: Srcs

The Commerce and Finance ministries are likely to discuss a possible devaluation of the rupee at a meeting next week, according to a government official who did not wish to be quoted, reports CNBC-TV18's Rituparna Bhuyan. The Commerce Ministry is in favour of a 'calibrated' devaluation of rupee as it feels current rupee level does not reflect market dynamics, the official said. The ministry believes rupee's real effective exchange rate is overvalued against several emerging market economies, the official added.The ministry feels that rupee devaluation is a must for export competitiveness, the official said.According to a report in Reuters, Commerce Minister Nirmala Sitharaman said in a tweet: "I had no conversation on devaluation of any currency with any news correspondent. Any quotes/mentions referring to me on this topic baseless," in response to reports that her department had called for a devaluation.Watch video for more...