Mon, Jun 25, 2012 - Page 15 News List

India mulls action on fall in rupee value

TAKING ACTION:The Indian currency has been the weakest in Asia over the past year, falling 21 percent against the US dollar, which has pushed up inflation in the country

Bloomberg

The rupee’s slump has contributed to inflation because India buys 80 percent of its oil from overseas and pays for supplies in US dollars. Every one-rupee drop in the domestic currency against the dollar boosts annual revenue losses for the three government-owned refiners by 80 billion rupees (US$1.4 billion), the Indian Ministry of Petroleum and Natural Gas said in November last year.

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