August 29, 2013 / 6:10 AM / 6 years ago

India PM likely to make statement on economy on Friday

India's Prime Minister Manmohan Singh speaks during the meeting of the 57th National Development Council (NDC) in New Delhi December 27, 2012. REUTERS/B Mathur

NEW DELHI (Reuters) - Indian Prime Minister Manmohan Singh told parliament he was willing to make a statement on the state of economy on Friday, when the lawmakers asked him what steps the government was considering to take to deal with the falling rupee.

“I cannot deny that the country is faced with a difficult situation,” Singh said, in brief remarks to the upper house of parliament on Thursday.

“I don’t deny there are some domestic factors. There are also some international factors arising out of change in U.S. monetary stance,” he said. Singh also cautioned that the rising tensions in Syria could have negative implications for oil prices. India imports nearly 80 percent of its crude oil needs.

The rupee is the worst-performing major emerging market currency since May. It declined to a record low of 68.85 per dollar on Wednesday, posting its biggest single-day percentage fall since October 1995.

Reporting by Manoj Kumar

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