WSJ:India Minister: Rupee's Weakness Due to Global Uncertainties
By MUKESH JAGOTA And PRASANTA SAHU
NEW DELHI -- The Reserve Bank of India has limited scope to check the rupee's decline against the dollar as the local currency's weakness stems from global uncertainties that are driving investors to the safe-haven greenback, the finance minister said Tuesday.
A central bank intervention would have worked if the rupee's weakness was due to local factors, Pranab Mukherjee told reporters. "Unless international situation improves, there is a risk."
The Indian rupee tumbled to an all-time low of 52.72 against the dollar Tuesday.
