The rupee recovered from a two-week low of Rs 67.06 to the dollar on Thursday after the Union Finance Ministry denied a report that it was looking to discuss a possible devaluation of the currency, Bloomberg reported. The rupee weakened after a television channel reported that the finance and commerce ministries were looking to discuss a possible devaluation at a meeting next week.

Union Commerce Ministry Nirmala Sitharaman also denied reports that she had discussed the matter with the media, Reuters reported. “Any quotes/mentions referring me to me on this topic [are] baseless,” Sitharaman said in a statement. Economic Affairs Secretary Shaktikanta Das said the value of the rupee is decided by the market and that the country had no plans of changing its policy. A commerce ministry official had said the ministry felt devaluation was a must for a competitive export sector, the CNBC-TV18 report had said.

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Meanwhile, the head of currencies at Macquarie Bank Ltd. in Singapore said the mixed messages were “part of the struggle for influence over monetary policy” following the departure of former Reserve Bank of India governor Raghuram Rajan. “We think for now, the RBI holds sway insofar as the currency policy is concerned,” said Nizam Idris. “Bowing to such pressure will significantly dent the RBI’s inflation targeting credentials which Rajan and current RBI governor Urjit Patel have worked so hard to establish.” An employee of DCB Bank Ltd. said the central bank had called up traders to enquire about the fall in the rupee.

In August, Sitharaman had called on the Reserve Bank of India to cut its interest rates by 2% to allow the Micro, Small and Medium Enterprise sector to access more money from banks at lower rates. Sitharaman had said that MSMEs create jobs and contribute to the country’s exports but were “hard pressed for money”. She added that she would take up the matter with Finance Minister Arun Jaitley. India’s exports have fallen in 19 out of the last 20 months, according to Bloomberg.