Rupee falls on Asian FX, euro fall
The rupee falls to 52.92/94 versus last close at 52.85/86, tracking weaker Asian FX. The euro fell to a three-week low on Monday, after an independent audit of Spain's banks failed to quell concerns about the country's progress towards a bailout.
Finance Minister P Chidambaram wants the Reserve Bank to "walk in the same direction" as the government by cutting interest rates in response to sweeping reforms, according to an interview with The Economic Times newspaper.
The comments may put more pressure on RBI to cut rates when it meets later in October.
As expected, India's current account deficit shrank in the April-June period from an all-time high in the previous quarter.
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