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PM Modi likely to review state of economy amid falling rupee and rising oil prices

September 13, 2018 10:59

Prime Minister Narendra Modi is likely to hold a meeting to discuss the countrys economy this weekend, according to multiple reports on Wednesday thta triggered a sharp recovery in rupee, which has shed 12% of its value this year.

According to reports possible fiscal and monetary steps will be discussed at the meeting which will include the countrys top finance officials. Both cited sources who asked not to be named.

Finance minister Arun Jaitley, NITI Aayog vice-chairman Rajiv Kumar, Prime Ministers Economic Advisory Council chairman Bibek Debroy and finance secretary Hasmukh Adhia are among the officials who are likely to attend the meeting on Saturday, officials were quoted as saying.

Fiscal and monetary measures cannot be ruled out after the review meeting, nor a rate hike by the central bank, television channels said earlier in the day, prompting a recovery in rupee from record lows. Indeed, talk of an unscheduled increase in the rate (between two meetings of the Monetary Policy Committee) has been doing the rounds for a few days.

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