Panic over rupee unwarranted: New Delhi

India's finance minister said on Thursday that intense selling pressure on the rupee was exaggerated and that the currency market "panic" was unnecessary.

"The panic that has gripped the currency market is unwarranted," P. Chidambaram told a press conference.

"It is almost universally accepted that the devaluation has overshot the reasonable and appropriate level," he added.

The rupee, which has hit record lows for five straight trading days, slumped to 65.56 to the dollar on Thursday.

The rupee has lost about a fifth of its value this year.