With an aim to evaluate intervention measures to arrest further fall in rupee’s value, Prime Minister Narendra Modi is likely to hold an economic review meet this weekend, TV news channels reported citing unidentified government sources. The government may also announce measures to check the surge in crude oil prices, the report added. The measures may be announced after Prime Minister Modi carries out review of the economic situation.
Meanwhile, rupee plunged below 72.90-mark in the morning trade, but recovered some of its value later. The rupee is under stress for past many days on account of widening current account deficit (CAD) and worsening trade war situation between the US and China.
The domestic currency was trading at Rs 72.35 against the US dollar at the time of reporting.
The rupee is the worst performing currencies in Asia this year after falling by over 12 percent this year. Earlier, there were reports in the media that the RBI may announce deposit scheme for NRIs to attract foreign inflows to check the depreciation in rupee.
Meanwhile, after rising for past many days fuel prices remain unchanged today. In Mumbai, petrol today is selling for Rs 88.26 per litre, a hike of 14 paise from previous record high levels. In national capital Delhi, petrol prices are nearing the Rs 81-mark, now retailing at Rs 80.87 mark. In Chennai, petrol prices were seen at Rs 84.05 while in Kolkata, one litre of petrol is selling for Rs 82.74, data from IOC app showed.