85 breached
The Indian rupee has breached the significant psychological barrier of 85 against the US dollar, marking an all-time low amid a confluence of domestic and global pressures.
Shortly after getting extension for another year, Chief Economic Adviser Arvind Subramanian on Saturday said that challenges being faced by the economy must be dealt with on various fronts.
“Economy facing challenges which have to be tackled on various fronts,” Subramaniam said adding that the Reserve Bank of India (RBI) has been “intervening for past three months to check rupee appreciation”.
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Subramanian, whose three year tenure ends on 16 October was given an extension of one year, the Finance Ministry said.
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“CEA Dr. Arvind Subramanian will continue for one more year after completion of his 3 year tenure on 16th October, 2017,” the ministry tweeted.
The US-based economist was appointed as the CEA in October 2014 by the newly elected Narendra Modi government that was facing the challenge of modest economic growth and inflation.
Subramanian is the third economist of international renown to have been appointed to the key post of chief economic advisor. His academic work has focused on trade and its effect on developing countries.
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