2007年VOA标准英语-India Tries to Tame its Strengthening Currency

By Anjana Pasricha
New Delhi
30 September 2007

India's Central bank has announced a series of measures aimed at slowing the rupee's rise against the dollar. As Anjana Pasricha reports, the strong rupee is hurting several sectors² of the economy.

 

The Central Bank recently relaxed limits on overseas investments by Indian mutual³ funds, domestic companies and individuals.

 

Mutual funds can now invest $5 billion outside the country - an increase of 25 percent. Domestic companies can now invest up to four times their net worth abroad, and individuals are allowed to double the amount they send overseas every year, to $200,000. 

 

The measures are intended to bring down the value of the rupee, which is at a nine-year high against the dollar. The rupee has risen by more than 10 percent since the start of the year, and nearly two percent in the past week.

 

Economist⁴ P.K. Chaudhury, of the investment firm ICRA, says the rupee's rise has been fueled mostly by a surge of foreign money into the country.

 

"I think it is more because of inflow of dollar, so supply has gone up, and that possibly has put pressure on the [rupee] price." said P.K. Chaudhury.

 

Much of those dollars are coming in from foreign funds, which want to benefit from India's buoyant stock markets. Overseas funds have invested a record $11 billion this year. About one and a half billion dollars have poured in since September 20, as Indian stock markets rallied to their highest level ever.

 

The Mumbai stock exchange's Sensex touched 17,000 points earlier in the week. The markets have gained 22 percent overall this year.

 

Economist Chaudhury says the strengthening rupee is not expected to hurt India's strong growth, because the country's net imports are higher than its exports. But he says some sectors of the economy will suffer.

 

"We would not suffer so much from the economic side, but individual businesses, particularly the exporters and IT sector¹ and other service industries who are dependent on exports to [the] U.S., they would be affected⁵ adversely," he said.

 

Small and medium size exporters in such fields as garments, leather and brassware have been hit badly. They have been asking the government to find ways to soften⁶ the effect of the rising rupee on their industries.

1 sector   

n.部门，部分；防御地段，防区；扇形

参考例句：

• The export sector will aid the economic recovery. 出口产业将促进经济复苏。
• The enemy have attacked the British sector.敌人已进攻英国防区。

2 sectors   

n.部门( sector的名词复数 )；领域；防御地区；扇形

参考例句：

• Berlin was divided into four sectors after the war. 战后柏林分成了4 个区。 来自《简明英汉词典》
• Industry and agriculture are the two important sectors of the national economy. 工业和农业是国民经济的两个重要部门。 来自《现代汉英综合大词典》

3 mutual   

adj.相互的，彼此的；共同的，共有的

参考例句：

• We must pull together for mutual interest.我们必须为相互的利益而通力合作。
• Mutual interests tied us together.相互的利害关系把我们联系在一起。

4 economist   

n.经济学家，经济专家，节俭的人

参考例句：

• He cast a professional economist's eyes on the problem.他以经济学行家的眼光审视这个问题。
• He's an economist who thinks he knows all the answers.他是个经济学家，自以为什么都懂。

5 affected   

adj.不自然的，假装的

参考例句：

• She showed an affected interest in our subject.她假装对我们的课题感到兴趣。
• His manners are affected.他的态度不自然。

6 soften   

v.(使)变柔软；(使)变柔和

参考例句：

• Plastics will soften when exposed to heat.塑料适当加热就可以软化。
• This special cream will help to soften up our skin.这种特殊的护肤霜有助于使皮肤变得柔软。