As Rupee Loses Value, Govt Mulling Over Tapping NRIs to Prevent Further Downslide: Report
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New Delhi, October 9: As the rupee continued to lose value against the US dollar, the central government is reportedly considering to tap the currency inflows from non-resident Indians (NRIs) to prevent further downslide.

According to a Bloomberg report, the Finance Ministry will unveil a policy next month to raise money from the Indian diaspora in several parts of the world, particularly the United States. An announcement on the policy-roll out is expected within a month, the report quoted officials as saying on the condition of anonymity. Rupee vs Dollar: Historic Downslide to Cost India Rs 68,500 Crore More While Repaying Foreign Debts.

Meanwhile, the rupee downgraded by 33 paise on Tuesday to finish at a fresh lifetime low of 74.39 against the US dollar on high crude oil prices, strengthening of the greenback and unabated foreign fund outflows.

At the Interbank Foreign Exchange (Forex), the rupee made a cautious recovery of 18 paise to 73.88 against the US dollar in early trade on fresh selling of the American currency by banks and exporters.

However, the domestic currency failed to sustain the momentum after Brent crude breached the USD 84 per-barrel-mark again and the US dollar strengthened overseas. Falling for the sixth straight sessions, it finally closed at 74.39 against the US dollar, down by 33 paise.

(With PTI inputs)