There is no need to react and panic over the rupee's fall, Finance Minister P Chidambaram said on Friday, a day after the Indian unit it an all-time low against the dollar.

The rupee had slumped to a record low of 59.9850 to the dollar on Thursday, following the U.S. Federal Reserve's statement on its plan to wind down the monetary stimulus.

"We are not insulated from what is happening in the rest of the world," Chidambaram said at a press conference. "My request is we should not react and panic. It is happening around the world." Read More