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
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