Prabhu to chair inter-ministerial meet on rupee, trade deficit tomorrow

Commerce and Industry Minister Suresh Prabhu will chair an inter-ministerial meeting Thursday to discuss the depreciating rupee and widening trade deficit, an official said.

The meeting will deliberate upon ways to address India's trade deficit in goods and pressure on the rupee, the official added.

Representatives from the department of economic affairs, coal ministry, steel ministry, oil ministry and department of pharmaceuticals are expected to attend the meeting.

The meeting assumes significance as the rupee has hit an all-time high of 73.74 against the US dollar, which would raise India's import bill and widen the trade deficit (difference between imports and exports).

The trade deficit was at a five-year high of $18.02 billion in July. It came down to $17.4 billion in August