No need to panic over rupee devaluation: Jaitley (Lead)

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New Delhi : Finance Minister Arun Jaitley on Wednesday said there is no need to worry over the steep fall in the Indian rupee's value against the US dollar as the inherent strength of the country's economy will aid in arresting the downtrend.

According to Jaitley, the recent trend in the Indian rupee's devaluation has been caused due to external factors such as fluctuations in the global crude oil prices, trade war tensions and outflows of funds towards the US.

"If you look at the domestic economic situation and global situation, there are no domestic reasons attributable to this (devaluation)," Jaitley said at a media briefing after the meeting of the Union Cabinet.

The minister said that besides the US dollar the Indian rupee has not devalued against any other major currency in the world including the Pound, Euro and the Yen.

"The reasons are global. We must bear in mind that in the last few months the dollar has strengthened against almost every currency and therefore most global currencies have weakened vis-a-vis the dollar," Jaitley said.

"No need for the world's fastest growing economy to come out with panic and knee jerk reaction...."

On Wednesday, the Indian rupee settled at a record closing low of 71.75 against the US dollar, weaker by 17 paise than its previous close of 71.58 per greenback.

It recovered from the all-time low of 71.97 per dollar reached earlier in the day.