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Jun 25, 2012, 02.22 PM IST
Finance Minister Pranab Mukherjee today said his ministry and the Reserve Bank will soon announce certain steps, as investors await the measures that are expected to check rupee slide and improve markets.
The rupee, however recovered 71 paise against the dollar at 56.44 in early trade today on selling of American currency by banks amid expectations that RBI may announce steps to boost the local currency. The economic growth has also fallen to a nine-year low of 6.5% in 2011-12 and industrial output continues to be sluggish with a mere 0.1% growth in April. Inflation too remained at an elevated level of 7.55% in May. The measures would be announced on a day when global agency Moody's has retained outlook on India's rating at stable despite slowdown in GDP growth rate, saying that it is unlikely to be even a medium-term feature.
May 22 2013, 13:11
- in MARKET OUTLOOK
May 22 2013, 10:44
- in Economy