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Rupee records biggest fall; slips below 58
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SME Times News Bureau | 10 Jun, 2013
The Indian rupee registered its biggest fall in almost two years Monday and slumped to below 58 against a dollar for the first time, on escalating worries over current account deficit and firming of the US currency globally.
The partially convertible rupee tumbled by almost 1 rupee and hit the record low of 58.051 against a dollar in intra-day trade at currency market in Mumbai. The Indian currency had weakened by 22 paise to 57.06 against the dollar Friday.
Worries over widening current account deficit and firming of the dollar against major global currencies, including the Euro and the Japanese Yen, have put pressure on the Indian rupee.
Chief economic advisor in the finance ministry Raghuram Rajan said the government was taking medium-term measures to control current account deficit.
Rajan expressed the hope that the weakness in the Indian currency would be a temporary phenomenon.
"This could be temporary phenomenon. But again, let me reiterate, government is not supportive of weakening of rupee and we would like more stability," he said.
India's current account deficit hit a record high of 6.7 percent of gross domestic product (GDP) in the October-December quarter of 2012-13. A weak rupee will make it difficult for the government to finance such high deficit.
Talking to reporters in the national capital, Economic Affairs Secretary Arvind Mayaram said the panic in the market was "unwarranted".
"I think this will settle down in a while. We should not worry but we are watching the situation closely," Mayaram said.
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Slippage of Rupee value
Raja Kumar, Bangalore | Wed Jun 12 03:31:26 2013
Current down fall of rupee vs dollar is not going to be a temporary phenomenon, until unless we put a control on the flow of black money. There is no such strict measures being adopted by the Government reason being officials themselves are involved in availing this facility. I strongly believe that time has come to bring stringent measures and adopt the same and it can only be possible once the common man starts realizing and make the officials of the Government to execute it.
India's economic growth
Dilip Jhaveri | Wed Jun 12 00:55:13 2013
No word manipulations will fix the economic issues. It is too difficult to produce in India. Do leaders get it? The cost of space is too high. Transportation expensive and every aspect of operation from water to electricity to import and export logistics take bribes. It is easier to import from China than to make in India. It is that simple.
Govt. should select key categories and line up industries to excel in that over 5 years. Leaders are worried of their power, the personal wealth and security to concern with that of the nation.
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
|
87.50
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84.65 |
Euro
|
78.25
|
75.65 |
| Japanese
Yen |
58.85 |
56.85 |
| As on 13 Aug, 2022 |
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| Daily Poll |
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| PM Modi's recent US visit to redefine India-US bilateral relations |
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