The Indian Rupee has lost more than 11 percent to the dollar this year. The rupee fell past 72 per dollar to a record low on Thursday.
New Delhi: With the Indian rupee sinking to record levels against the dollar, the Centre has yet another mega expenditure to cater to – foreign debt. At the current rate, India will have to shell out an additional Rs 68,500 crore, according to numbers calculated by the State Bank of India.
This comes at a time when the currency has lost more than 11 percent to the dollar this year. The rupee fell past 72 per dollar to a record low on Thursday, amid a deepening emerging market contagion and the risk of a wider current-account deficit.
India’s short-term debt obligations, which included non-resident deposits as well as overseas commercial borrowings by companies, totaled USD 217.6 billion in 2017.
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