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Rupee's devaluation due to national, international factors: Pranab
Sunday May 27, 2012 06:59:50 PM,
IANS
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Kolkata: Union Finance Minister Pranab Mukherjee
Sunday attributed the cumulative effect of several national and
international factors, including the Eurozone crisis, for the
devaluation of the Indian rupee, which hit a record low of 56.40
against the dollar this week.
"There are multiple reasons which are responsible for the
fluctuation in the value of the currency. The volatility in the
oil prices and the uncertainty in Europe have resulted in a
situation where many agents are putting their surplus in America
which is considered a safe haven at present," Mukherjee told media
persons here.
"Back in the country, the reduction in exports and increase in
imports, and the fiscal deficit has increased as also current
account deficit which also have played their part," he said.
Attributing the decrease in demand of Indian goods in European
market for the decline in exports, he said: "Economic recovery at
the moment is poor and fragile."
He,however, assured about the recovery of the rupee stating that
the Reserve Bank of India has been and will continue talking
remedial measures.
Hoping for a surge in foreign institutional investment (FII) and
foreign direct investment (FDI), he said the government has been
taking necessary steps at the opportune time for attracting
investments.
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