Rupee strength ‘a problem’, says Nath

Reuters
Posted: Wednesday, Nov 21, 2007 at 0000 hrs IST
Updated: Wednesday, Nov 21, 2007 at 1042 hrs IST

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Singapore, November 21: : India's trade minister said on Wednesday that the strength of the rupee against the US dollar had become a problem for the country's exporters and that the government would take steps to tackle the issue.

"It is a problem," Kamal Nath said on the sidelines of a Southeast Asian summit in Singapore.

"We are also urging the industry to be more competitive."

The rupee has risen 12.5 per cent against the US dollar so far in 2007.

Nath also said that a delay of India's controversial nuclear deal with the United States by the communist allies of Prime Minister Manmohan Singh's government would not affect trade and diplomatic relations between the two countries.

"I think trade relations with the US are independent of this. We had good relations even before the nuclear agreement."

Nath also said he saw "no chance" of early elections after the impasse over the nuclear agreement had destabilised the government.

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