Dr. Singh, who was responding to demands by several opposition members in the Rajya Sabha, said the situation in the US and the tensions in Syria have inevitable consequences on the oil prices.
Leader of Opposition Arun Jaitley raised the issue as soon as the Rajya Sabha met for the day, and demanded a statement by the Prime Minister outlining the steps that the Congress-led UPA II Government is contemplating to tackle the present economic situation.
The Prime Minister will make a statement in Parliament on Friday on the country's economic situation.
The rupee today recovered from its all-time low of 68.75 to the dollar, rising 170 paise to Rs. 67. 10 against the dollar in early trade.
The rise was attributed to fresh selling of the US currency by exporters and banks.
The Nifty rose 0.6 per cent while benchmark 10-year bond yields fell 15 basis points to 8.81 per cent.
The rupee plunged to a new record low of 68.75 per dollar yesterday trade on persistent dollar demand from banks and importers due to further fall in equity market amid rise in crude oil prices.
Finance Minister P. Chidambaram had earlier on Tuesday suggested a 10-point formula to revive the country's economic situation, and sought co-operation from all quarters despite ideological and political differences.
Chidambaram, who was replying to a discussion on the country's economic situation in the Lok Sabha, said the country needs more reforms, lesser restrictions and an open economy.
The Finance Minister said the fiscal deficit would be contained at 4.8 percent of the GDP even after doling out subsidies for the implementation of the Food Security Bill.
He said the government is doing everything to boost investment.
Chidambaram also underlined the need to encourage manufacturing in sectors like power, steel, automobiles and textiles.
"We must increase production of electronics and textiles. We are importing things which we should not have imported. India can be strong only if we have a strong manufacturing economy," he said.
--ANI (Posted on 29-08-2013)