Amid the weakening of the rupee against the US dollar, the Union Finance Minister Piyush Goyal today said there is no need for knee jerk reactions.

This is what he said despite the fact that the rupee as a currency is touching lifetime lows.

It need be mentioned that rupee had yesterday breached the 69-mark against the US dollar for the first time.

Though very many factors such as weak global cues and inflation concerns are being blamed for it.

It is also being speculated that the rupee could slide down to as low as Rs 70-71 against the dollar if the trend continues.

The Union Minister said that appropriate steps would be taken after consultations with all stakeholders.

He said that the global factors also need to be taken into account before taking any concrete action.

He also said the country has significant foreign exchange reserves.>