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The recent depreciation of the rupee against the US dollar has wiped out the “little benefit” that was derived from the softening of international commodity prices, the Finance Minister, Mr Pranab Mukherjee, said here today.
He noted that the increased uncertainty in the Euro Zone on account of the sovereign debt crisis has led to shifting of capital from Europe to the US which has hardened the US dollar against most currencies. The rupee which was Rs 44.4 to a dollar in April has depreciated to Rs 52 as of November 21, 2011.
The rupee pared losses after plunging to a record 52.73 a dollar today. It closed at Rs 52.32 as of 5 p.m. on Tuesday.
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