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.
Soaring temperatures and heat waves have gripped North India, as locals try to beat it by drinking fluids and covering themselves as they drive their vehicles. The effect of the rising temperatures was visible in Allahabad, where scores of people turned up to take bath in the Ganges river to beat the heat.
Date 19-05-13, Duration 1:31, Views 783