Govt may issue bonds for NRIs

The move will bolster capital inflows and stem a slide in the rupee

India is considering to issue bonds for non-resident Indians through state-run banks at around 7-9 percent interest rate, a source close to the development told Reuters, to help bolster capital inflows and stem a slide in the rupee.

On Friday, the rupee hit a record low against the dollar for a second consecutive session and posted its worst weekly fall in nine-months, hurt by dollar demand from oil firms and gold importers as well the broad risk-off sentiment.

Finance Minister Pranab Mukherjee said on Saturday the government would unveil measures on Monday to arrest the slide in the currency. .