India's Commerce Minister denies she wants weaker rupee

India's Commerce Minister denies she wants weaker rupeeIndia's Commerce Minister Nirmala Sitharaman on Tuesday said she had not told a reporter the government wanted a weaker rupee.

"I had no conversation on devaluation of any currency with any news correspondent. Any quotes/mentions referring to me on this topic baseless," Sitharaman said in a tweet in response to reports that her department had called for devaluation.

Earlier on Thursday some media reported a possible devaluation of the rupee, dismissing lobbying by struggling exporters seeking a competitive boost from a cheaper currency.

The rupee weakened 0.28 percent to 67.0750 to the dollar after a television channel CNBC-TV18 reported that the commerce ministry would propose devaluation, before steadying after the central bank stepped in to prevent a sharp fall.

"The value of rupee is determined by the market and there is no plan to change policy. Reports that the government wants to devalue the rupee are false," the finance ministry's economic affairs secretary, Shaktikanta Das, told reporters.
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