- Tag results for rupee fall
Amid state election results and resignation of RBI Governor Urjit Patel, the rupee opened weak at 72.42, showing a sharp plunge of 110 paise over its previous closing price.
Panasonic India and South Asia President and CEO Manish Sharma said there is significant impact of rupee depreciation.
Markets, rupee slump due to external factors; government to take action at appropriate time, says official
The government will take action at an appropriate time to check widening CAD and going forward there are indications that oil prices will fall, which will have positive impact on the rupee, he said.
Gandhi tweeted in Hindi that when fuel and gas prices are on the boil and there is an outcry in the public, till when will the prime minister be on silent mode?
Representatives from the department of economic affairs, coal ministry, steel ministry, oil ministry and department of pharmaceuticals are expected to attend the meeting.
In recent weeks, the rupee has taken a beating amid volatility in global markets and strengthening of the greenback.
For vacationers who have already paid for packages, shortening the number of days would help cut expenses.
Currency in circulation increased from Rs 9 trillion in January 2017 to Rs 19.5 trillion as of September 14 this year.
The Indian government estimates that the measures like allowing Indian banks to become market-makers, will increase capital inflows by USD 8-10 billion, or 0.3-0.4 per cent of GDP in the next year.
The rupee, Asia's worst performing currency this year, has depreciated about 12 per cent year-to-date against the U.S. dollar, closing at 72.39 on Wednesday, after a record low of 72.99 on Tuesday.
The rupee strengthened 0.7 per cent to 72.5350 per dollar on Wednesday, after hitting an all-time low of 72.99 in the previous session.
The proposal, which is part of a broader government plan to cut "non-necessary" imports to stop an outflow of dollars that has sent the rupee to record lows, will be discussed by the trade ministry.
The government's latest measures to support the rupee announced last week were particularly underwhelming for market participants who have since increased bearish positioning on the currency.
As per the report, during the June 2008 to May 2009 period, when rupee depreciated by 13 per cent, the RBI sold dollars worth $43 billion, though the forex reserves at that time stood at $312 billion.
Since India is a relatively closed economy, the contribution of the net exports to growth in April to June quarter was again stronger than expected.