Saturday, August 24, 2013

Rupee depreciation: Chidambaram to meet FIIs, PSBs

Rupee depreciation: Chidambaram to meet FIIs, PSBs

By (7STAR NEWS) 24 Aug, 2013, 11.28AM

MUMBAI: Finance minister P Chidambaram will meet foreign institutional investors on Saturday in Mumbai to assuage their concerns about India.

Chidambaram will also meet key public sector banks to assess their plan on mopping up dollar deposits from non-resident Indians. \"The idea is to communicate the message clearly to investors that the current account deficit would be contained at 3.7% of the GDP and fiscal deficit at 4.8%,\" said a ministry official .

The idea is also to ascertain if they have concerns and what the government can do to allay them.

FIIs pulled out over $12 billion from India\'s debt and equity markets since May this year putting pressure on the rupee that slid below the 65 mark on Thursday.

It made a stunning comeback and snapped the 6-session losing streak to rise by 135 paise and close at 63.20 on Friday, its second-biggest rise in a decade in absolute terms.
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