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Rupee sinks to new low

Commerce and Industry Minister Anand Sharma on wednesday said the Reserve Bank of India would have to step in to stem the downslide of rupee, which today slumped to a new low of 56.22 against the dollar.

"I had spoken to the Prime Minister (Manmohan Singh) and the Finance Minister (Pranab Mukherjee) yesterday and the government has decided that the RBI should intervene effectively to stabilise the volatility of the rupee," Sharma told reporters in Shimla.

"The weakening of the rupee is a matter of serious concern as it is having a telling effect on high imports bills and hitting other many other components," he added.