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.
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
This story has been viewed 3299 times.
Listing from 2014-12-16 to 2014-12-23
- Most read
- Most e-mailed
1HK says Occupy protest ‘over’ as last site cleared
2US jury clears Apple Inc in iPod antitrust lawsuit
3Brent crude spirals below US$60 in volatile market
4BlackBerry reduces losses as revenue falls
5KMT’s Alex Tsai surfaces, ignites furor