P Chidamabaram Criticizes BJP Over Fall Of Rupee Against Dollar

P Chidambaram, a senior member of the Congress, stated on Friday that the UPA administration had restored the value of the rupee against the US dollar from 69 to 58 in only four months.

He said this was recent history, which the BJP government considers “anathema.”

The rupee was getting close to 80 to the US dollar when the former finance minister launched his assault. Congress accused the administration of being ineffective and mute about the currency’s wild decline.

In response to Supriya Shrinate, a spokesman for the Congress, Mr. Chidambaram tweeted, “The spokesperson at the AICC Press Briefing today reminded that the UPA administration was in power in 2013 when the taper tantrum struck developing markets.

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Because within 4 months, the UPA administration restored the rupee’s value from $69 to Rs. 58. From 5.1 percent in 2012–13 to 6.9 percent, the GDP growth rate “nt in 2013-14.” All of the aforementioned is recent history, which the BJP administration finds objectionable.

On Friday, the rupee strengthened 8 paise to end the day at 79.91 (provisional) versus the US dollar due to significant local equity purchasing and global dollar weakness.