New Delhi, Aug 29 (KNN)  Given the depleting value of the rupee which has set alarm bells ringing across the country, Prime Minister Manmohan Singh admitted in parliament today that the country was faced with a difficult economic situation owing to several domestic and international issues, and there was a need to reckon with uncertainties.

"The country is faced with the difficult economic situation and there are several causes," Manmohan Singh said during question hour in the Rajya Sabha in response to repeated demands from the opposition for a statement on the subject.

"I do not deny that there are some domestic factors but there are also international factors arising out of the changes in the US monetary stand," he said.

"There were also problems created by the tensions that are on the horizon in Syria and there have been several inevitable consequences of oil prices.  So we have to reckon with all those uncertainties," Singh added. 

As soon as the Rajya Sabha convened today, leader of the opposition Arun Jaitley raised the issue of depleting value of the rupee, which has fallen 20 per cent against the dollar this year and has breached an all-time record low mark of 68.  (KNN/SD)