India Currency

India's central bank announced a package of measures to defend the rupee after the Indian currency declined 6.5% this month to its all-time low of 38.60 to the dollar. The measures include delaying a plan to lower reserve requirements of commercial banks, absorbing excess money in the financial system and encouraging exporters to bring their earnings into the country sooner rather than later.

India's central bank announced a package of measures to defend the rupee after the Indian currency declined 6.5% this month to its all-time low of 38.60 to the dollar. The measures include delaying a plan to lower reserve requirements of commercial banks, absorbing excess money in the financial system and encouraging exporters to bring their earnings into the country sooner rather than later.

Endeavoring to carry this nation to the "second industrial revolution," the government unveiled a budget Monday that, by cutting customs duties, widening rupee convertibility and easing taxes on manufacturers, further integrates India into the world economy.