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LATEST NEWS UPDATES | India to Pay Additional Rs 68,500 Crore as Foreign Debt Due To Rupee Fall

India to Pay Additional Rs 68,500 Crore as Foreign Debt Due To Rupee Fall

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published Published on Sep 9, 2018   modified Modified on Sep 9, 2018
-News18.com

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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News18.com, 7 September, 2018, https://www.news18.com/news/business/india-to-pay-additional-rs-68500-crore-as-foreign-debt-due-to-rupee-fall-1870945.html


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