India should let rupee find its own level: Uday Kotak calls for focus on competitiveness, innovation

Uday Kotak stated that the rupee should be allowed to find its own level without government interference. He noted that the strength of the Indian economy will eventually reflect in the currency. Recent pressure on the rupee was largely due to portfolio investment outflows rather than the current account deficit. The Reserve Bank of India implemented measures to support the rupee, resulting in a consecutive appreciation.