WSJ:India Minister Blames Volatile Commodity Prices For Weak Rupee - Report
NEW DELHI (Dow Jones)--Volatile global commodity prices are hurting the Indian rupee, Finance Minister Pranab Mukherjee said Friday, the Press Trust of India reported.
Balance of payments are under stress in several Asian economies, except China, which is driving the value of their currencies down against the U.S. dollar, the report said, citing Mukherjee who is in Manila to attend a meeting of the Asian Development Bank.
His comments come at a time when the Indian rupee has weakened to a near five-month low against the greenback, pressured partly by a wide trade deficit due to high prices of commodities such as crude oil and gold--the nation's two biggest import items.
India also needs to correct some economic fundamentals after Standard & Poor's cut its long-term rating outlook to negative from stable, the report added, citing the minister.
-By New Delhi Bureau, Dow Jones Newswires; 91 11 4356 3300; djn.in@dowjones.com
