Prime Minister Manmohan Singh said Thursday in both Houses of Parliament that he will make a statement on the fast-sliding rupee Friday. Dr Singh’s statement will come on a day when GDP first quarter figures will be out.
Speaking in the Rajya Sabha Thursday after Leader of the Opposition Arun Jaitley sought his response on the rupee hitting an all-time low, Dr Singh admitted that the country faced a difficult economic situation, and some domestic factors too were responsible.
“There are several causes. I do not deny some domestic factors too are responsible... We have to reckon with these uncertainties.”
Saying he needed “some time to reflect”, the Prime Minister said he “would be happy to make a statement tomorrow”. Mr Jaitley said earlier there was “panic” as no one knew when the rupee’s devaluation would stop.