Further price rise on weak rupee: Patnaik
The sharp fall in the rupee value would trigger further price rise and add to the sorry plight of people, Odisha Chief Minister Naveen Patnaik told reporters here Tuesday.
Blaming the United Progress Alliance (UPA) government for the state of affairs, Patnaik said "it tells all about macroeconomic policies of the UPA government".
The rupee slipped below 66 against the dollar Tuesday, showing a growing demand for the US currency from importers and a lack of foreign investors' interest in a weak economy.
The partially-convertible rupee slumped to a new record low of 66.25 at the inter-bank foreign exchange market in Mumbai, surpassing the previous record low of 65.56 recorded Aug 22.
(Posted on 27-08-2013)