Need to relax rules for more foreign investments: FM

NEW DELHI (Reuters) - India needs to relax rules to attract more foreign investments, Finance Minister P. Chidambaram said on Monday.

New Delhi is seeking higher foreign investments to fund the current account deficit, which hit 4.8 percent of the GDP in the fiscal year that ended in March. A swollen deficit has helped make the rupee the worst performing emerging Asian currency, which has been down over 9 percent since the beginning of May.

(Reporting by Manoj Kumar; Editing by Jijo Jacob)