New Delhi, Nov. 22 (ANI): With the Indian rupee depreciating by 35 paise to a lifetime low of Rs. 52.50 per US dollar in early trade on the Interbank Foreign Exchange, the Bharatiya Janata Party (BJP) criticising Dr. Manmohan Singh on Tuesday said the country is facing a serious financial crisis despite having an economist Prime Minister.
"When Manmohan Singh became the Prime Minister of India, his biggest qualification was that he was an economist. His image was that of a noted economist. However, ever since he has become the Prime Minister, he seems to have forgotten everything about economics. Today, the country is facing a serious financial crisis," said BJP spokesperson Shahnawaz Hussain.
"The value of rupee is falling at an unprecedented rate. However, our economist Prime Minister and his team have done nothing about it. India is facing yet another financial meltdown. Instead of taking measures to resolve the problem, the government is just trying to cover up its trail of corruption," he added.
Meanwhile, another BJP leader and former Finance Minister Yashwant Sinha expressing concern on the present situation questioned why the Central Government and the Reserve Bank of India (RBI) were not initiating measures to tackle the crisis.
"People are spending the rupee to buy the dollar, due to which the value of the dollar has increased. What has suddenly happened in our country? Where are people going after buying the dollar all of a sudden? This issue can be controlled in a myriad ways, which the government and Reserve Bank of India are fully aware of," said Sinha.
"Why are they not initiating these measures? Is the government deliberately devaluing the rupee by two to three percent every day as part of a well-planned conspiracy?" he asked.
The domestic currency had tumbled by 81 paise to close at a nearly 33-month low of Rs 52.15/16 per dollar in the previous session on sustained dollar demand from banks and importers in the backdrop of an eight-session losing streak in the stock market and a deepening euro-debt crisis.
Meanwhile, the BSE benchmark Sensex recovered by 151.20 points, or 0.94 percent, to 16,097.30 in opening trade on Tuesday.
Finance Minister Pranab Mukherjee earlier said the rupee's fall was a reflection of international economic uncertainty and added that an intervention by the Reserve Bank of India (RBI) would not help much at this stage. (ANI)
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