Friday, September 23, 2011

Rupee declines against the US Dollar

Trading currently at Rs 49.76 per dollar, the rupee has declined significantly over the recent months to its 28 month low.

RBI Governor D. Subbarao has said that the movement of the rupee has nothing to do with fundamentals the Indian economy. He added that the rupee declined due to the fall in confidence in the global markets. He said that the Reserve Bank of India will intervene only there is volatility or potential disruption to macroeconomic situation.

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