New Delhi, Aug 16: West Bengal Chief Minister Mamata Banerjee on Thursday said that informal sector and small businesses will be worst affected by the depreciating rupee. Taking it to the micro-blogging site, Banerjee tweeted, “Rupee crashes to its lowest ever. We are very concerned. Oil imports bill will now jump. Prices for vegetables will go up. After the demonetisation disaster and now Rupee slide, informal sector and small businesses will be further killed. Farmer distress will be compounded.”
She further said, “Time is running out. The writing is on the wall!! Her reaction came after rupee slumped 43 paise against the dollar to trade at a lifetime low of 70.32 on strong demand for the US currency.
The rupee had gained 4 paise, to close at 69.89 against, the dollar in the previous session on Tuesday. Forex market was shut yesterday on account of Independence Day.
Meanwhile, the BSE Sensex fell by 207.03 points, or 0.54 percent, to 37,644.97 points in early trade. Foreign institutional investors (FIIs) sold shares worth a net of Rs 378.84 crore on Tuesday, as per provisional data.
The US dollar last week gained strength as experts fear that the economic crisis in Turkey could soon spill over its impact on global economies. Lira, the currency of Turkey, has fallen by more by more than 50 percent over the period of last 12 months.