NEW DELHI, July 1: Commerce minister Bola Bulli Ramaiah said on Tuesday that he was not happy with the exchange rate of the rupee and the currency could be made fully convertible only after the country achieved a trade surplus.

Asked whether the rupee was at the right exchange rate level against the dollar, Ramaiah told reporters: "I am not happy but I have to see the overall situation."Exporters have been pressing the government to allow the rupee to depreciate to give them a trading advantage and boost overseas sales, which have been relatively sluggish this calendar year.

But the finance ministry and Reserve Bank of India are keen to keep inflation, which could be fuelled by a falling rupee, under control.Asked when India would make the rupee fully convertible, the commerce minister said: "full convertibility only when there is surplus on trade account."

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