The rupee declined by 26 paise to 54.96 against the dollar in early trade on Friday at the Interbank Foreign Exchange due to increased demand for the American currency from importers.
Besides, weakening of other Asian currencies against the dollar in overseas markets put pressure on the rupee, forex dealers said.
They, however, added that a higher opening in the local equity market capped rupee’s losses.
Meanwhile, the BSE benchmark Sensex rose by 45.13 points, or 0.24 per cent, to 18,516.506.
@Dr. Reddy: Physician heal yourself! Please seek some professional help to get over the conspiracy theory
Devaluing Indian Rupee against US$ is part of FDI/Multi-brand retail outlet entering in to India. This I raised in my letter some time back to Dr. Manmohan Singh, Hon'ble Prime Minister of India. This is the strategy of of politicians/bureaucrats aligned to World Bank. When these MNCs wants take back their money, then rupee gets its original level. Thus, MNCs get double benefit. I have seen this game in Southern American Countries like Brazil in 1980s. Unless we stop FDI/Multi-brand retail outlets entering in to India, the common man will suffer with cost escalations due to rupee fall. This is the case in the food stuff. Government is allowing to raise the prices of food stuff accordingly to rupee fall level. This no body raises but this is the fact. Even the reserve bank is mum on this aspect. World Bank has control on even on Reserve Bank. This is India!!!
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