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 3182 times.
Listing from 2014-07-18 to 2014-07-25
- Most read
- Most e-mailed
1US stocks rise as earnings, deals offset crises overseas
2US jury hits tobacco firm with US$23.6bn penalty
3AbbVie deal allows it to lower tax bill
4Commodities rattled over plane disaster, Gaza crisis
5Lawmaker warns of increased Chinese infiltration