Indian rupee falls report of ministry call for weaker rupee; Finance Ministry denies
An employee poses with the bundles of Indian rupee notes inside a bank in Agartala, the capital of Tripura August 22, 2013. REUTERS/Jayanta Dey/Files
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
MUMBAI (Reuters) - The Indian rupee fell below 67 to the dollar on Thursday after a television channel reported that the commerce ministry will propose a devaluation in the unit to the government to promote dwindling exports.
The finance ministry denied that the government was discussing a possible devaluation of the rupee, whose floating exchange rate is managed by the Reserve Bank of India.
The rupee fell to 67.0750 from 66.83 before CNBC-TV18 flashed the news and then recovered to 66.9300 on other media reports that there was no decision to propose for a weaker unit. The Indian rupee had closed at 66.8875/8975 to the dollar on Wednesday.
(Reporting by Suvashree Dey Choudhury and Douglas Busvine)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- To applause and boos, Kerry urges Congress to ratify Pacific trade pact
- Media companies want U.S. to force AT&T-Time Warner to share customer data
- U.N. aid chief to Security Council on Syria: 'Buck stops with you'
Create E-mail Alert Related CategoriesReuters
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!