For the first time, The Central Government expressed concerns over the fall of Indian Rupee against US Dollar. Today, It informed about considering introduction of a Special Deposit Scheme for Non-Resident Indians apart from other measures to curb the decline.
Today, The Rupee fell by 1.3 percent to touch a new record low of 72.66 against US Dollar. It, however, regained a bit but that recovery is just temporary as per Bloomberg report.
Rising crude oil prices and widened current account deficit are the biggest challenges for Modi Government. As per RBI Report, India's Current Account Deficit (CAD) widened to $15.8 billion in April-June in the financial year 2018-19 as against $15 billion during the same quarter last year.
Last week, Finance Minister Arun Jaitley attributed the fall of rupee to global factors and told there is no need to panic. And the current situation is like the Central Government itself has been panicking.
Today, The Rupee fell by 1.3 percent to touch a new record low of 72.66 against US Dollar. It, however, regained a bit but that recovery is just temporary as per Bloomberg report.
Rising crude oil prices and widened current account deficit are the biggest challenges for Modi Government. As per RBI Report, India's Current Account Deficit (CAD) widened to $15.8 billion in April-June in the financial year 2018-19 as against $15 billion during the same quarter last year.
Last week, Finance Minister Arun Jaitley attributed the fall of rupee to global factors and told there is no need to panic. And the current situation is like the Central Government itself has been panicking.