The Indian rupee fell abruptly on Thursday after a television channel reported that the commerce ministry will propose a devaluation in the unit to promote dwindling exports, but trimmed losses after a finance ministry denial. The rupee weakened 0.28 percent to 67.0750 to the dollar before paring losses after the central bank stepped in to prevent a sharp fall. At 0540 GMT, it was trading at 66.9550, lower than Wednesday's close of 66.8875/8975. The finance ministry denied that the government was discussing a possible devaluation of the rupee, whose floating exchange rate is managed by the Reserve Bank of India.
No comments:
Post a Comment