The Indian rupee slipped in the first day of trade in 2011. It fell to Rs 53.27 to the US dollar. It closed the previous year at Rs 53.08.
The downward slide in the Indian currency continues as the government faces fiscal slippages. This means its expenditure is more than the income and it has to borrow more. This puts a pressure on the currency.
The Indian government announced increased borrowing from the Reserve Bank of India. Between April to November 2011, the government has already utilised 85 per cent of the target fiscal deficit. This indicates that the government expenditure will be substantially higher over revenue than estimates made in February 2011.
The currency market has ignored the announcement over the weekend about letting foreign individual investors buy into equity markets. The government and the Reserve Bank of India are taking steps to encourage more foreign capital flows into India.
Foreign institutional investors have pulled out over $ 200m in 2011 after registering a net inflow of over $ 29bn in 2010. The lack of foreign capital flows is hurting the Indian economy and the currency. In 2011, the rupee fell over 22 per cent.
RBI also eased caps on the interest rates offered to non-resident savings and fixed deposit accounts two weeks ago. It also put curbs on speculation on the forex trade.
Article Source: http://profit.ndtv.com/News/Article/rupee-slips-to-53-27-against-us-dollar-295144
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