India's plummeting rupee raises concern | News | Al Jazeera

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

    Interactive: Coding like a girl

    Interactive: Coding like a girl

    What obstacles do young women in technology have to overcome to achieve their dreams? Play this retro game to find out.

    America's Guns: Secret Pipeline to Syria

    America's Guns: Secret Pipeline to Syria

    How has the international arms trade exacerbated conflict in the Middle East? People and Power investigates.

    I remember the day … I designed the Nigerian flag

    I remember the day … I designed the Nigerian flag

    In 1959, a year before Nigeria's independence, a 23-year-old student helped colour the country's identity.