RBI Should Control Rupee's Deterioration

  2 (Goal: 1,000)

Petitioning: Reserve Bank of India

Petitioner: Petition Voice started on March 3, 2009

Back in Jan, 2008 we saw rupee hitting a high of only Rs. 39.27 for a USD. Today it has hit rock bottom by diving 30% from that level, in a little over 1 year. The rupee went below its previous all-time low of Rs 50.65 per dollar, from December 2008. And situation portrayed by the analysts doesn't look very promising. While this is good news for exporters and IT companies, but the oil companies will continue to suffer as imports would get costlier for them. Crude, on the other hand, has also scaled back to USD 45 per barrel from its recent lows. Overall it would be a burden on Oil industry and consequently on Inflation. We urge RBI to step in instead of watching from the stands, and control the downfall of the rupee.