The value of Indian Rupee is constantly falling against US$ . Contrary to that, Pakistani Rs and Bangladeshi Taka is rising.
Following charts show the performance of three currencies during last 30 days;
According to The Economic Times, “Traders say the Reserve Bank of India has intervened multiple times to put a floor under the sliding rupee.”
“Concerns over India's trade deficit and inflation, due to high oil and commodity prices, have prompted several foreign investors to exit long positions in the rupee, which is Asia's worst performing currency this year, weakening more than 12 percent against the dollar.”, reported The Economic Times.
Reacting to the falling IRs situation, Congress president Rahul Gandhi tweeted, "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”. Rahul attached an old video of Narendra Modi’s speech where he criticised falling IRs situation.
In his election related speech 5 years ago Narendra Modi, the current Prime Minister of India, said that India will not be able to stay in the world trade if IRs keep falling, and Indian traders who import and export will not be able to bear the situation. He blamed Congress government’s corrupt policy being the reason for devaluating IRs.
