INSUBCONTINENT EXCLUSIVE:
Finance Minister Arun Jaitley attributed the fall in rupee to oil prices and US-China trade warNew Delhi: As the rupee weakened against the
US dollar and markets closed deep in the red on Monday despite a series of measures announced by the government over the weekend, Finance
Minister Arun Jaitley said it was due to global phenomena occurring owing to squeeze on oil production and the US-China trade war."These are
impacts of a very significant ongoing global phenomena
You have at least three, if not more, indications of the nature of things which are happening globally," he told reporters here."One is the
squeeze which has been put on oil production, upsetting the demand-supply ratio which is increasing the crude oil prices.""The second is the
trade war and we don't know when we are going to see the end of it
It, of course, impacts a major currency in our region - China (sic)," Mr Jaitley said.He said the two factors coupled with the internal
economic decisions in the US were leading to further strengthening of the dollar."the dollar significantly strengthened this morning and
that has significant impact on currencies in the region," the finance ninister said.Sensex lost 505 points and the NSE Nifty50 slipped by
The rupee also weakened against the US dollar and ended at 72.51 a dollar.The government had on Friday announced a series of steps to
support the rupee and curb the widening current account deficit including relaxing overseas borrowing restrictions and limiting
