‘Rupee’s not breaking, it’s broken’: Rahul Gandhi on sinking currency

The rupee collapsed to a fresh low of 73.77 against the US dollar Thursday, as global oil prices continued to rise, deepening concerns about the current account deficit and capital outflows.

As the rupee hit a record low of Rs 73.77 against the US dollar, Congress President Rahul Gandhi on Thursday said the Indian currency is not breaking, but is “broken”.

Rahul Gandhi hit out at Prime Minister Narendra Modi questioning his silence over the falling value of the Indian rupee. (PTI/File Photo)

The rupee collapsed to a fresh low of 73.77 against the US dollar Thursday, as global oil prices continued to rise, deepening concerns about the current account deficit and capital outflows.

“Breaking: Rupee slips to 73.77. It’s not breaking — it’s broken,” Gandhi said on Twitter.

He tweeted in Hindi that fuel and gas prices are on the boil and there is an outcry in the public and asked till when the prime minister will be on silent mode.

“The rupee has crossed the 73 mark and price rise is causing an outcry. Fuel and gas prices are on fire and markets are scurrying. Till when will the 56-inch chest be on ‘silent mode’,” he tweeted and asked what happened to the promise of ‘achche din’.

Consistent dollar demand from importers, mainly oil refiners, following higher crude oil prices, have kept the rupee under pressure. State-owned oil marketing companies have been allowed to raise USD 10 billion from overseas market to meet their working capital needs.

At the interbank foreign exchange, the rupee opened lower and slipped further to a fresh low of 73.77 a dollar against 73.34, a fall of 43 paise.

(The story has been published from a wire feed without any modifications to the text. Only the headline has been changed.)