The rupee has fallen sharply in value this year
The falling value of the Indian rupee is “a matter of concern”, Indian Prime Minister Manmohan Singh has told parliament.
The rupee hit a record low against the dollar on Wednesday and has fallen more than 20% this year.
That fall is damaging for the economy, as India imports large amounts of fuel and foodstuffs and the weak rupee makes those imports more expensive.
Also on Friday, India releases the latest report on economic growth.
Figures for the April-to-June quarter are expected to show an annualised growth rate of 4.7%.
That would be a slight slowdown on the previous quarter and less than last year’s growth rate of 5%, which was the slowest pace in a decade.
In his statement to parliament, Prime Minister Singh said India needed to take steps such as reducing its appetite for gold, cutting back on its consumption of petroleum products and reducing its dependence on imports.
Indian PM concerned about rupee fall
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