India's union Finance Minister Pranab Mukherjee has said that volatility in global commodity prices are to be blamed for the depreciation in the value of rupee.

He also said that the worsening balance of payment (BoP) situation in many Asian countries also affected the value of the India rupee against the US dollar. He pointed out that fundamentals in the Indian economy have to be changed to make the growth more sustainable.

"In several Asian countries, excepting China, the BoP is under stress which leads to currency depreciation," Mukherjee. He was speaking at the 45th annual meeting of the Asian Development Bank Board of Governors.

The Asian Development Bank (ADB) has said in a new report Asian nations must continue their long-term reform process in the coming year for protecting the region from continuing uncertainties in the global economy.

It said that it will be crucial year for the global economy and warned that the crisis in the Euro-zone and slow recovery in the US could spread to other nations. The report also said that the region should prepare a new growth model that to overcome obstacles to growth on the continent.