Modi calls meeting to stem the fall of rupee

September 12, 2018

Indian Prime Minister Narendra Modi is expected to hold an economic review meet this weekend to consider intervention measures to stem the fall in rupee’s value.

The Indian government is reportedly considering measures to stop further depreciation of the rupee including a special deposit scheme for non-resident Indians.

According to Economic Times of India the government is also expected to announce measures to check the rise in oil prices as well. The Indian rupee has fallen by nearly 15 percent against the dollar this year, and touched a new record low of 72.66 on Monday.

According to traders, increased demand for the US currency from importers and banks amid fresh foreign fund outflows mainly hit the rupee sentiment.