September 18, 2018 / 9:31 AM / a year ago

India sees rupee at 72-73 against dollar as 'fair value': finance ministry source

FILE PHOTO: An India Rupee note is seen in this illustration photo June 1, 2017. REUTERS/Thomas White/Illustration/File Photo

NEW DELHI (Reuters) - India sees rupee value of 72-73 against the U.S. dollar as “fair value,” a senior finance ministry source said on Tuesday, after the government announced a raft of measures last week to stabilise the falling local currency.

The rupee had fallen more than 11 percent against the dollar this year and is the worst performing Asian currency. It was trading at 72.40 to the dollar, compared with Monday’s close of 72.51.

“The rupee could again come under pressure once the new U.S. sanctions on Iran comes into force,” due to a possible rise in oil prices, the source who declined to be named told Reuters.

Iran’s oil exports have been falling in recent months as more buyers, including its second-largest buyer India, cut imports ahead of U.S. sanctions that take effect in November. Washington aims to cut Iran’s oil exports down to zero to force Tehran to re-negotiate a nuclear deal.

Reporting by Manoj Kumar; Editing by Malini Menon

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