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Wednesday, May 23, 2012

Rupee creates panic In India

Rupee to day went down historically  to 55.94 against dollar.  It's a big blow to Indian market and throws the market into deep tention and volatility. Even though the country's FM Pranab Mukherjee said the Govt. is taking steps to arrest the volatilitynin the forex market.
With the Rupee fall leading to a jump in oil import bill, petroleum minister S. Jaipal Reddy to day said there was an immediate need to raise fuel prices, but refused to say when the hike will take place. Meanwhile, the OECD has forecast that India's growth was likely to rise to 7.7 % in 2013, but the growth rate through much of this year would remain subdued.

  Till now midcap down at 54.60%, Sensex at 120 down, Nifty 37.20%

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