New Delhi, Aug 14: With the Rupee collapsing to a life-time low of 70.09 against the US dollar, Congress President Rahul Gandhi again found a chance to launch a new offensive against Prime Minister Narendra Modi. Also Read - Swara Bhaskar Becomes Latest Target of Memes After She Calls Israel 'Apartheid State'
Rahul took to Twitter to post a video in which Narendra Modi, who was then the chief minister of Gujarat, can be heard blaming the UPA government’s “corrupt practices” for the plummeting rupee against the US dollar. Also Read - Indian Idol 12 Controversy: Amit Kumar's Shocking Revelation For Judges And Makers, Says Was 'Told to Praise Everyone'
The video comes along with the lines: “The Indian Rupee just gave the Supreme Leader, a vote of NO confidence, crashing to a historic low. Listen to the Supreme Leader’s master class on economics in this video, where he explains why the Rupee is tanking”. Also Read - Twitter Account of J&K Lieutenant Governor Manoj Sinha Briefly Suspended, Restored Later. Here's Why
Reversing all its early gains, the rupee today collapsed to an all-time low of 70.09 against the US dollar, falling 16 paise amid fears that Turkish economic crisis could lead to a global financial meltdown.
Yesterday, the rupee had plunged by Rs 1.08, or 1.57 per cent, to a record low of 69.93 against the US currency.
The government has blamed “external factors” for the rupee’s fall and said that there is nothing to worry about as of now.
Economic Affairs Secretary Subhash Chander Garg said external factors may ease going forward.
“Rupee is depreciating due to external factors,” he said. There is “nothing at this stage to worry”.
SBI Chairman Rajnish Kumar said all currencies have weakened against the dollar, but the Indian currency has not weakened very much in comparison to other currencies.
“I feel that it (rupee) should stabilise between 69 and 70 because if you look at the numbers for investment which is coming into the country — investment in bonds, investment in equities — this level has become attractive for foreign investment,” Kumar said.