As reported by NDTV, Prime Minister Manmohan Singh told Parliament today he was willing to make a statement on the state of the economy on Friday, when the lawmakers asked him what steps the government was considering to take to deal with the falling rupee.
“I cannot deny that the country is faced with a difficult situation,” Mr. Singh said, in brief remarks to the Rajya Sabha.
“I don’t deny there are some domestic factors. There are also some international factors arising out of change in the US monetary stance,” he said. Mr. Singh also cautioned that the rising tensions in Syria could have negative implications for oil prices. India imports nearly 80 per cent of its crude oil needs.
The rupee is the worst-performing major emerging market currency since May. It declined to a record low of 68.85 per dollar on Wednesday, posting its biggest single-day percentage fall since October 1995.
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