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Current Affairs PDF June 2012 Page 42gasoline price of 124.37 rupees a barrel and the rupee-dollar exchange rate of 53.17 rupees inthe first fortnight of May. However, the gasoline price has since then dipped to 115.77 dollar inthe second fortnight, but the exchange rate has worsened to 54.96 rupees.IOC (Indian Oil Corporation), BPCL (Bharat Petroleum Ltd) and HPCL (Hindustan PetroleumLimited) are three government-run oil marketing companies which have consistently beencrying hoarse over their mounting loss figure. The three companies had recorded the collectiveloss of 138541 crore rupees in revenue during the fiscal year 2011-12. Their loss in the fiscalyear 2012-13 is expected to touch the figure of 193880 crore rupees. Petrol prices in 2011-12,were revised five times in order to bring domestic prices in line with those in the internationalmarket. The rates were raised on three occasions and lowered on two.INDIA’S FOREX RESERVES PLUNGED BY 1.74 BILLION $ TO 290 BILLION $According to the data released by the Reserve Bank ofIndia (RBI) on 2 June 2012, India’s foreign exchangereserve plummeted by 1.74 billion dollar to 290 billiondollar for the week ended 25 May 2012. The RBI datadisplayed a sharp decline in the country’s forex reservesfor the fourth consecutive week. The forex reserves haddropped by 1.80 billion dollar, 1.37 billion dollar and 2.18billion dollar, respectively, in the previous three weeks.The drop in forex reserve is largely due to sale of dollar by the central bank to defendconsistently falling rupee. The Indian rupee plunged to a record low in recent weeks and stood55.54 against a dollar on 1 June 2012. The rupee fall for the nine consecutive weeks is thelongest losing streak since the 2008 economic crisis. RBI had reportedly sold dollars to arrestthe further fall of Indian rupee. The value of gold reserves of the country for the week ended 25May 2012 remained unmoved at 26.61 billion dollar.BIHAR TOPPED IN STATE GDP WITH 13.1 PER CENT GROWTH IN 2011-12According to data released by Ministry of Statistics of India on 1 June 2012, Bihar emerged asthe state with highest economic growth rate in the country. The state which until recently wassynonymous with poverty, recorded an impressive 13.1 per cent growth in 2011-12. Bihartopped the list for second consecutive year. Thestate’s economy even surpassed the Punjab on theback of four years of double-digit growth.GDP: Gross Domestic ProductThe state was closely followed by Delhi andPuducherry. Chhattisgadh and Goa were the other two states in the list of top five states. TamilNadu and Gujarat, the two highly industrialized states registered the growth of 9.4 per cent and9.1 per cent respectively in the fiscal year 2011-12.www.jagranjosh.comPage42Current Affairs PDF June 2012