Commerce and Industry Minister Anand Sharma on Monday said that rupee appreciation has not yet posed a major concern for exports and  there is no need for the Reserve Bank of India to stem rupee appreciation right now.

"It has not yet reached a stage for government intervention," a news report quoted Sharma as saying while speaking on the sidelines of the Businessworld FICCI-SEDF corporate social responsibility award function in New Delhi.  

The commerce minister said that the government had created a separate window for dollar credit under the foreign trade policy last year that can be used by exporters to hedge themselves against any rupee appreciation.

The rupee has appreciated sharply over the past year with the INR moving past the Rs 45/USD mark after having fallen to levels of around Rs 50/USD a year ago. During the past year, the rupee has also appreciated against other currencies including the Euro, the Chinese Renminbi and the Japanese Yen.

Speaking at the occasion, Sharma said that exports might cross $170 billion in 2009-10.

India has set an export target of $200 billion for the current fiscal against $185.5 billion achieved in 2008-09.