India PM, industry to discuss rupee depreciation on July 29: Government

NEW DELHI (REUTERS) - India's Prime Minister Manmohan Singh will meet industry leaders on July 29 to discuss a sharp depreciation of the rupee and measures to correct a wide current account deficit, a government statement said on Monday, as the currency touched a record low.

The Indian rupee fell to an all-time low of 61.21 against the US dollar on Monday, sparking speculation about potential measures from the Reserve Bank of India, including providing a special window for oil companies to buy dollars.

The central bank will meet officials from oil companies, the biggest buyers of dollars in domestic markets, later on Monday to discuss their foreign exchange needs, two sources with direct knowledge of the matter told Reuters.

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