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Finance Minister P Chidambaram is meeting Prime Minister Manmohan Singh this morning amid worries on the falling rupee, which slid below the psychological 60 mark on Monday again on weak economic data and reverses in stock markets.
In This Pic :
P Chidambaram
Pic Courtesy : PTI
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2/6
The Reserve Bank of India banned banks from proprietary trading in domestic currency futures and options to curb speculative trading in the rupee last week.
In This Pic :
Rupee slips again
Pic Courtesy : BCCL - Non Copyright
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3/6
In a coordinated action, market regulator Securities and Exchange Board of India (Sebi) had increased the margin requirement on the domestic dollar-rupee forward trade.
In This Pic :
Rupee slips again
Pic Courtesy : BCCL - Non Copyright
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4/6
Last week, the currency had gained 1.1 per cent snapping a nine-week losing streak, but a surprise drop in industrial output, a fall in exports and higher retail inflation, depressed sentiment again. The data was released after close of trading on Friday and was reflected as markets opened for trade this morning.
In This Pic :
Rupee slips again
Pic Courtesy : BCCL - Non Copyright
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5/6
With elections round the corner, the Manmohan Singh government has been slammed by political rivals for failing to check the slide of the rupee. The BJP's Narendra Modi said at a rally yesterday, ""India's PM is an economist, yet the country's economy is in such a bad condition. Very soon, dollar rate will touch the age of the Finance Minister." Mr Chidambaram is 68.
In This Pic :
Narendra Modi
Pic Courtesy : PTI
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