The Indian government has approved infrastructure projects worth 1.83tn rupees ($28.4bn; £17.7bn) to revive the economy and boost the falling rupee.
Finance Minister P Chidambaram said 36 stalled projects in oil, gas, power, road and railways sectors were cleared.
“The message we are sending is that the investment cycle has restarted, and we are pushing it,” he said.
The announcement came on a day the rupee hit a new record low, touching 65.6 against the US dollar.
Recent attempts to reduce volatility in currency markets have so far failed to have any result.
via BBC
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.
Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Latest posts by Alfonso Esparza (see all)
- Market Rally Still Going Low Holiday Volumes Awaiting Start of 2020 - 27 December 2019
- Market Awaits China Retaliation on Trade - 29 November 2019
- Alibaba to Close Order Book Ahead of Huge IPO - 18 November 2019