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The unprecedented depreciation of the Indian rupee has worsened the balance-of-payment crisis that is stalking India. India’s already-high annual import tab for petroleum and its products of over $160 billion will see an escalation of nearly 30% this fiscal year only on account of the rupee depreciation alone; a dollar today fetches nearly Rs. 65.56, compared to Rs. 55.59 about a year ago and Rs. 45.64 in August 2011.
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