The Indian national currency has fallen below 57 against the dollar, continuing its downward fall against the American currency.

The Indian rupee had opened stronger on Thursday following Prime Minister Manmohan Singh's remarks indicating a new revival plan for the currency and restoring investor confidence in the country. The rupee fell as oil importers increased demand for the US dollar and continuing uncertainty ahead of a European Union Summit aimed at solving the economic crisis in the region.

Prime Minister Manmohan Singh will take charge of the finance ministry until a new finance minister is appointed. The Prime minister might hold the portfolio until the next Parliament session and will take steps to boost the slowing economic growth in the country and boost investor confidence.

The union finance ministry and the country’s central bank have announced a slew of measures to boost the rupee and revive the slowing Indian economy. The limit of foreign ownership in rupee-dominated bonds has been increased to boost higher flow of capital. The move could help lift the value of the Indian rupee, which has fallen 21 per cent against the dollar over a year’s period.

The rupee was trading at 57.07 against the US dollar this morning at the time of reporting compared to Wednesday's close of 57.15/16.