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Read moreThe Indian government has been considering new bills of exchange in the next couple of months and there are reports that the government will introduce an exchange-rate measure in the Budget 2017.
The new bills are meant to reduce the cost of borrowing, but it is also expected that the exchange rate will be adjusted in the new year to reflect the exchange rates in other countries, said an official from the Ministry of Finance.
The exchange rate in other nations will also be adjusted for the impact of GST and other changes in the economy, said a government source.
The Indian rupee has fallen by over 100% against the dollar since the start of the year and the Reserve Bank of India (RBI) has been trying to keep it in check.
It is likely that the RBI will try to keep the rupee at the same level as it was on December 23, 2017, which is the date when the rupees currency exchange rate went into reverse.
The RBI has been encouraging its members to keep buying and selling their rupees in order to maintain the currency exchange rates, said the official.
If the rupe is going to continue to fall, it will have a significant impact on the economy.
The government wants to keep an eye on the exchange and not let it go too far, said Amit Srivastava, director, India at Capital Economics.
The Reserve Bank has warned that a further depreciation in the ructions currency would lead to higher inflationary pressures, and could result in an increase in interest rates and even a possible run on the RBI.
The currency has depreciated over the last two months on the back of strong rupee demand and the RBI has warned about the consequences if the exchange of rupees is allowed to continue at its current pace.
The rupee is currently trading at around 14.2 to 15.5 per dollar.
The rupee declined in July and August and has since been down over 30% against a basket of currencies including the US dollar, Japanese yen and Chinese yuan.