RBI taking steps to check rupee slide: Pranab
"There are a lot of reasons for this (depreciation). There is demand and supply in the market. In the US, there is surplus investment. It used to be a safe haven," he told reporters.
"Europe used to be an important destination for exports, but demand there is uncertain," he said, adding global recovery was "poor and fragile" while oil prices were on rise.
India's fiscal deficit too is widening and is estimated to have touched 5.9 per cent of GDP in 2011-12.
"Because of the cumulative effect of all these reasons the price of rupee is falling down," he added.
The stage is set for a fresh round of argument on the highly publicised Lokpal bill in Parliament. The Samajwadi Party has made it clear that it would oppose the Bill in the Rajya Sabha.
Date 13 hrs ago, Duration 0:50, Views 56