Indian Rupee falls to 60.7 against dollar

Despite slew of measures taken by the government to strengthen the currency, the Indian rupee on Friday fell against the USD by 27 paise to settle at 60.70 in the early trade on Interbank Foreign Exchange, Forex dealers revealed. Forex added there was a great demand for the US dollars from the importers doing trade. The Indian rupee has been consistently hitting a low in the past few months even though the government took various steps to stabilize the currency. The continuous fall of Indian currency against US dollar and lack of Foreign Direct Investment reforms have made the observers nervous over the future prospects of the economy. India's central bank institution, the Reserve Bank of India (RBI) has undertaken immediate measures to stabilize the falling Indian rupee, India's Finance Ministry had stated on Wednesday. "RBI has come out with its policy statement. The policy would see the main immediate macroeconomic task of stabilizing the rupee. It believes that once the rupee is stabilized, the policy makers will have room for more growth friendly measures," the ministry said.