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FM asks not to panic, rupee will stabilize

Finance Minister P. Chidambaram Thursday called for calm in the currency markets, saying stability will soon return, even as the rupee slipped below the psychological level of 65 against the dollar.

"There is no cause of panic...we are confident that the stability will return to the markets,â€Â Chidambaram said at a media conference in New Delhi.

The finance minister said volatility in the currency market was unacceptable and the government was taking measures to improve the situation.

"We are not targeting any particular level for the currency. We want a stable currency...rupee today is undervalued and has overshot,â€Â he said.