In the short speech in the Lok Sabha, the PM said that the fundamentals of the economy determine the value of the rupee and due to slowing growth the government's measures had little effect.

He says the effect of a good monsoon is expected to kick in and growth pick up in the next fiscal, unless unforeseen circumstances impeded.

He reiterated for economic reforms to take place, there has be political consensus across parties. "I request all parties to join the government in returning the economy to health,"he said. He warned there may be short-term shocks to the economy and "we should be prepared to face and overcome them."

The rupee would therefore pick up once the condition of the economy improved, he said.