RPT-UPDATE 1-India finmin urges negotiations on currencies

(Repeats story issued late on Thursday) (Adds quotes, details)

WASHINGTON Oct 7 (Reuters) - India's Finance Minister Pranab Mukherjee said on Thursday global tensions over currencies should be resolved through consensus-building negotiations.

"With regard to currency valuation, my approach is that we should engage the countries in negotiation and try to build up a consensus through which the matter can be resolved," Mukherjee said in Washington on the sidelines of the IMF and World Bank meetings.

While emerging market economies have voiced concerns over the surge in capital flows that is driving up their currencies, India has said there is no need to intervene in the foreign exchange market or cap foreign portfolio inflows.

Foreign funds have pumped $12.2 billion into Indian equities so far in 2010, compared with $17.5 billion in full-year 2009.

Mukherjee said huge surpluses in some countries and large deficits in others are "unsustainable" and should be addressed in multilateral discussions.

He also called for an early conclusion to the stalled Doha Round of world trade talks.