Mismanagement of economy sent rupee plunging: Congress

As the Indian rupee plunged to a fresh record low of 70.55 to a US dollar on Wednesday, the Congress slammed the government, saying it is a consequence of overall mismanagement of the economy, including demonetisation and badly implemented GST.

Also quoting a Reserve Bank of India (RBI) report on demonetisation released on Wednesday -- which said that 99.30 per cent of the scrapped currency notes are back in the banking system, the party said it is a "damning indictment of the macro-economic management of the country".

"The rupee is at Rs. 70.55 to the dollar and this is the historic low. If you recall the Prime Minister (Narendra Modi) and then Leader of Opposition Sushma Swaraj used to put out very uncharitable tweets that there is a race between the rupee and the then PM (Manmohan Sing)'s age and the rupee has lost its value...," said Congress spokesperson Manish Tewari.

"We would like to ask the PM and his government, has the time not come to return those compliments with interest?" he said.

Tewari further said: "Today, as the rupee at 70 is a consequence of demonetization, it is also a consequence of a badly implemented GST. It is the consequence of the overall mismanagement of the economy."

--IANS

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