New Delhi, Aug. 27 (ANI): After the rupee slumped to another record low of 66.075 against the U.S. dollar, Bharatiya Janata Party (BJP) leader Shahnawaz Hussain on Tuesday specifically targeted Prime Minister Dr. Manmohan Singh and Finance Minister P. Chidambaram, and said that the Congress-led UPA Government has no solution to make the currency stronger.
"Everyday, the dollar is going up while the rupee is declining. ...This Government is sitting and smiling in silence. There's no impact on the Government. The Government is doing nothing, even at a time when there is a need for them to be active. The Prime Minister is quiet in Parliament, while the Finance Minister keeps smiling when we bring up the deterioration of the economy," Hussain said.
"This government has no solution to make the rupee stronger. It seems like the Government is happy about the appreciating value of the U.S. dollar," he added.
The rupee hit its all-time low against the U.S. dollar, as shares slumped on Tuesday after Lok Sabha's approval of the Food Security Bill on Monday, which will provide cheap foodgrains to the poor.
As the financial aspect of the Food Security Bill continues to burden and worry lawmakers, it is feared that the scheme may weaken the economy as it might fuel inflation, making it harder for the Reserve Bank of India (RBI) to cut rates .
Earlier today, Finance Minister P. Chidambaram said that the country will have to be patient, and assured that the value of the rupee will stabilize.
"We have to be patient, firm and rupee will find its appropriate level," Chidambaram said.
Additionally, Chidambaram reportedly met with foreign investors on Saturday for suggestion on attracting dollar inflows to strengthen the economy, but no major steps have been announced so far.
The rupee hit its previous all-time low of 65.56 against the U.S. dollar last week. (ANI)