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Orderly depreciation of rupee to increase competitiveness: World Bank official

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Orderly depreciation of rupee to increase competitiveness: World Bank official

An orderly depreciation of the rupee would increase competitiveness and relieve some of the pressures in capital market, according to a top World Bank official who described it as a “positive development” if done in a right way. The remarks by Martin Rama, the Chief Economist for the South Asia region of the World Bank, came as the rupee hit an all-time low of 74.45 against the US dollar on Thursday. “We think that an orderly depreciation of the rupee would increase competitiveness and relieve some of the pressures that we are seeing in general in capital market,” Rama told PTI. As such the World Bank sees the depreciation of the rupees as a “positive development provided it is done in the right way, Rama said when asked about the rapid deprecation of the Indian rupee in recent weeks, which has now dropped to a historic low.