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PM, advisors take lead in fighting rupee slide: sources

Jul 30, 2013 01:44 PM IST Business Business

New Delhi: Prime Minister Manmohan Singh and his top advisors have taken the lead in fighting the rupee slide, sources said on Tuesday. The Prime Minister has sought a report on offshore bets on the rupee.

Sources said top bankers have raised the issue of offshore rupee speculation. The inputs on tackling the slide will come from Finance Ministry and other agencies.

Weighed down by a weak rupee, the Reserve Bank of India on Tuesday chose to keep all key interest rates unchanged and asked the government to take urgent steps to rein in the high current account deficit.

The rupee on Tuesday lost 31 paise to 59.72 against the dollar in early trade on the Interbank Foreign Exchange due to appreciation of the US currency against euro overseas.

Increased month-end dollar demand from importers also put pressure on the rupee.

Dealers attributed the rupee's fall to dollar gains against the euro overseas and cautiousness ahead of the RBI monetary policy review today but a higher opening in the domestic stock market, restricted the fall.

The rupee had lost 37 paise, the most in a week, to close at Rs 59.41 on Monday against the dollar.

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