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Economy
In reply to the discussion: Weekend Economists Get Syri-ous August 30-September 2, 2013 [View all]xchrom
(108,903 posts)91. Falling Indian factory activity adds to rupee's woes
http://www.reuters.com/article/2013/09/02/us-india-rupee-idUSBRE98106A20130902
(Reuters) - The Indian rupee remained frail after last week's record low, as pessimism generated by dismal economic growth data was compounded on Monday by survey showing factory activity in August shrank for the first time in over four years.
Investors want bold reforms to restore confidence in India, spur growth, reduce a record current account gap, while keeping a worryingly high fiscal deficit under control.
Measures taken by Prime Minister Manmohan Singh's minority government since the rupee began its slide in May have left the market unimpressed, and there are fears that the ruling coalition will put politics before the urgent needs of the economy with an election due by May next year.
Quoted at 66.09 per dollar by midday, the rupee was just a touch weaker than Friday's close of 65.70/71, and still within easy striking distance of the all time low of 68.85 to the dollar struck on August 28.
(Reuters) - The Indian rupee remained frail after last week's record low, as pessimism generated by dismal economic growth data was compounded on Monday by survey showing factory activity in August shrank for the first time in over four years.
Investors want bold reforms to restore confidence in India, spur growth, reduce a record current account gap, while keeping a worryingly high fiscal deficit under control.
Measures taken by Prime Minister Manmohan Singh's minority government since the rupee began its slide in May have left the market unimpressed, and there are fears that the ruling coalition will put politics before the urgent needs of the economy with an election due by May next year.
Quoted at 66.09 per dollar by midday, the rupee was just a touch weaker than Friday's close of 65.70/71, and still within easy striking distance of the all time low of 68.85 to the dollar struck on August 28.
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