The rupee is "not breaking, it's broken," Congress president Rahul Gandhi quipped today in his tweet jibe at the government after the currency's sharp dive to 73.77 to a dollar, a new record. The rupee collapsed as global oil prices continued to rise, deepening concerns about the current account deficit and capital outflows.
Rahul Gandhi had, two days ago, hit out at Prime Minister Narendra Modi and wondered about his "silent mode" after the rupee crossed the 73-mark.
"Till when will the 56-inch chest be on 'silent mode," he jeered in a tweet, without taking names.
The tweet in Hindi commented that fuel and gas prices were peaking and there was huge anger among people of the country.
The rupee has been plumbing new depths on the back of crude oil prices, which have fuelled worries over capital outflows and a widening current account deficit.
Consistent dollar demand from importers, mainly oil refiners, following higher crude oil prices, have kept the rupee under pressure.
State-owned oil marketing companies have been allowed to raise $10 billion from the overseas market to meet their working capital needs.
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