Piyush Goyal says government watching rupee at 95.8050 per dollar
India
India's rupee has been slipping against the dollar, and even the government is feeling the pressure.
Piyush Goyal told stockbrokers today that officials are just as concerned as investors, and they are keeping a close eye on how the currency moves.
The rupee was at 95.8050 per dollar this afternoon, after touching a high of 95.66 earlier.
Weaker rupee affects imports and prices
A weaker rupee can make imports more expensive, push up prices in general, and impact foreign investment: basically, it affects everyone from students buying gadgets to businesses importing goods.
By openly addressing these worries, Goyal signaled that the government understands what is at stake.