Cong lashes out at govt over fall in rupee

Cong lashes out at govt over fall in rupee
Cong lashes out at govt over fall in rupee

The Congress attacked the government after the Indian rupee sank to an all-time low against the US dollar, terming it as a “shameful” and “black day” for the country’s economy.

Addressing a press conference on Thursday, Congress leader Pramod Tiwari alleged that the Narendra Modi-led government was trying to divert public attention from the falling currency by releasing a video of the surgical strikes against Pakistan in 2016.
Cong lashes out at govt over fall in rupee
He also accused Prime Minister Narendra Modi of “destroying” the country’s economy due to his “ill-conceived” decision of demonetisation and demanded that he apologise to the country for the state of the economy.

“I have fears that the BJP and its government deliberately released the video of the surgical strikes to divert the public’s attention from the falling value of the India rupee, which fell to its lowest-ever level against the US dollar,” he told reporters.

“Was the surgical strike video released to divert the attention of public from the falling rupee,” Tiwari asked.

“The prime minister should apologise before the country for enforcing demonetisation, which destroyed the Indian economy and the rupee has been on a free fall thereafter,” he claimed.

He claimed that it was a black day for the economy and dubbed it as shameful.

He alleged that the prime minister did not even bother about his stature and the position that he held.

“Under whose pressure were such steps enforced that destroyed the economy of the country,” he asked.

The Congress leader also attacked Law Minister Ravi Shankar Prasad, claimed that he should be ashamed of the state of the economy.

Tiwari claimed Prasad should apologise for supporting Modi in his “illegal” acts that destroyed the economy.

He said former prime minister Manmohan Singh was right when he said in Parliament that the noteban decision was an “organised loot and legalised plunder” which would dent the GDP by 2 percentage points.

The rupee collapsed to a lifetime low of 69.10 against the US dollar by plunging 49 paise in early trade on Thursday as rising crude oil prices deepened concerns about the country’s current account deficit and inflation dynamics.

Consistent dollar demand from banks and importers, mainly oil refiners, following higher crude oil prices kept the rupee under pressure.

At the interbank foreign exchange market, the rupee opened at 68.87 a dollar against 68.61 previously and sank to 69.10 in morning deals. PTI