: Decline in rupee value due to inflation, current account deficit, says P Chidambaram #IndiaNEWS Congress MP P Chidambaram has alleged that the Centre’s mishandling of the economy has resulted in

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Decline in rupee value due to inflation, current account deficit, says P Chidambaram #IndiaNEWS
Congress MP P Chidambaram has alleged that the Centre’s mishandling of the economy has resulted in the decline of the rupee, reported PTI on Saturday. The value of the rupee has been falling consistently. It closed to an all-time low of 79.99 against the US dollar on Thursday, but rebounded by 8 paise to settle at 79.91 the next day. “The fall in the dollar-rupee rate is inevitable given our current account deficit, inflation, increase in interest rates domestically and in the US, the outflow of foreign portfolio investments and decline in exports,� Chidambaram told PTI in an email interview. “The exchange rate must be viewed as a price. It is one of the trinity that the RBI has to manage.�He said that the rupee will gain only when the fundamentals improve.India’s current account deficit is projected to touch 5 billion (about Rs 8.37 lakh crore), or 3% of the gross domestic product, this fiscal year, PTI reported citing a report by Bank of America Securities. This is primarily due to the country’s growing trade deficit, the financial services company. The account deficit is the shortfall between the money received by selling products to other countries and the amount spent to buy goods and services from other...Read more

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