Rupee Will Stablise On Its Own, Says Government @ Forex Factory

From bloombergquint.com

With the rupee hitting a new low, the government today said the currency will stabilise on its own as there are no domestic factors contributing to the depreciation.

The rupee hit an all-time low of Rs 71.57 to a U.S. dollar earlier on Tuesday, making imports costlier, and putting price pressures.

Rupee has depreciated primarily on trade war fears and a rise in global crude oil prices. The government doesn’t have control over these,” a top official in the Finance Ministry said requesting anonymity.

This, however, could widen the current account deficit as India would have to pay higher for its oil imports. The country is 81 … (full story)

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