Thursday, the Indian rupee fell to 56.38 to a dollar, its lowest level since July 25.
"The result of the high current-account deficit has been the depreciation of the rupee, " he said.
The rupee has fallen by almost 10% against the dollar since late last year.
Chenayya undid the knot in the side of his sarong and handed over two one-rupee notes.
She noted the recent strengthening of the Indian rupee has helped to revive physical buying there.
She counted off four hundred-rupee notes, which she put down on the desk before Mr. Pai.
The Indian software group said its anticipating further depreciation of the rupee against the US dollar.
More than 30 billion rupee notes are in circulation, a total growing by 11% a year.
Some investors are concerned that the rupee could weaken, causing bonds to lose value.
The rupee has since strengthened, trading in a range of 53 to 55 to the dollar.
It also pacifies businessmen who claim they are being crucified by a strong rupee.
Once potential victims are identified, a terror call costs just one rupee, or two U.S. cents.
India's indebted government sells its rupee bonds to locals, mainly banks, not jittery foreigners.
To be sure, the rupee deserves a beating, given how India's prospects have dimmed.
The rupee is losing value against the dollar, falling to record low levels in June.
The rupee debt market is ring-fenced from the outside world, which may have stopped sloppy habits immigrating.
The rupee has risen more than 11% against the US dollar since the start of the year.
That in turn, has hurt the rupee currency, which is currently trading at an 11-month low of 56.50.
The rupee was little changed against the dollar, with the greenback trading at 53.97 rupees at 0725 GMT.
There is a possibility that the rupee will fall another 5% to 10% over the next few months.
Ms Jana holds up a 500-rupee note up in the air so that all the women can see it.
FIIs must use special non-resident rupee bank accounts, in order to move money in and out of India.
He wants to lobby the Reserve Bank of India for a rupee derivatives market aimed at exporters and importers.
The rising rupee could help reverse Ranbaxy's currency losses in the next quarter.
The Indian currency, the rupee, was inconvertible and high tariffs and import licensing prevented foreign goods reaching the market.
The weak rupee, supply constraints and high wages continue to drive inflation even though economic growth has slowed down.
Investors worry that the rupee could fall again if the push behind the government's new economic policies loses momentum.
But there is definitely a lot of interest, especially in the Indian rupee, dollar, Indonesian rupee and Chinese yuan.
In the middle of all this, how is the currency, the rupee, doing?
Rising prices have been driven by falls in the rupee, which is at its lowest level against the dollar.
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