India's plummeting rupee raises concern

Economic problems and eurozone crisis push country's currency to all-time low against US dollar.



    The Indian rupee, losing its value since last year, has now hit an all-time low against the US dollar.

    The currency has lost more than 20 per cent since 2011, contributing to a slow down of India's GDP growth and a widening of its fiscal deficit.

    Critics blame the government’s indecision in introducing financial reforms as the main cause for the rupee’s current crisis.

    A greatly devalued rupee means a ballooning import bill, as India buys about 80 per cent of its oil from abroad.

    India's vulnerability to the eurozone crisis is also pushing the rupee downward. 

    Al Jazeera's Prerna Suri reports from New Delhi.

    SOURCE: Al Jazeera


    YOU MIGHT ALSO LIKE

    Why is the West praising Malala, but ignoring Ahed?

    Why is the West praising Malala, but ignoring Ahed?

    Is an empowered Palestinian girl not worthy of Western feminist admiration?

    North Korea's nuclear weapons: Here is what we know

    North Korea's nuclear weapons

    Why some African Americans are moving to Africa

    Escaping systemic racism: Why I quit New York for Accra

    African-Americans are returning to the lands of their ancestors as life becomes precarious and dangerous in the USA.