The minister said the fall in the value of the national currency, which hit a record low of 78.92 against the dollar, is being monitored by the government
In an attempt to resurrect the practice of drawing dollars from NRIs, foreign banks will provide upfront financing for wealthy NRIs and attract them to place bulky dollar deposits.
Singapore dollar has fallen more than two percent. Its fall has raised questions whether it will be the next currency in line to witness a currency crash.
CNBC-TV18's Latha Venkatesh reports that weak trends in Asian currencies have spread on to the rupee as well. In addition to that, the market had already positioned itself short on the currency too.