Prime Minister Narendra Modi is expected to hold an economic review meeting this weekend to discuss the steps for controlling the fall of rupee and also checking the rise in oil prices, sources said.
The rupee has fallen considerably low, making it one of the worst performing currencies in Asia. It has depreciated to almost 12.3% since the start of 2018. The significant fall in the rupee has also impacted the oil prices that have been increasing consistently since August 31.
Besides the Prime Minister, the meeting will be presided by the Finance Minister Arun Jaitley, NITI Aayog Vice-Chairman Rajiv Kumar, PMEAC Chairman Bibek Debroy and Finance Secretary Hasmukh Adhia.
To control the oil prices to some extent, Madhya Pradesh, Andhra Pradesh, West Bengal and Rajasthan have lowered the value added tax (VAT). The move is expected to provide some relief to the people.