Letter to BS: Low rupee adversely affecting prices of essential commodities

The government should not leave the rupee to the market forces to settle its value against the dollar

This refers to the editorial “Let it fall” (September 5). The continuously falling rupee, though beneficial to the exporters and the non-residents, is adversely affecting the prices of the essential commodities adding hardship to the wage earners. The government’s intervention is needed to stabilise the value of the rupee. The cascading effect of rising fuel prices is hampering the growth of the economy and the rising inflation is negatively impacting household savings which is crucial in augmenting investment, production and distribution.

Considering the inflationary spiral, the Monetary Policy Committee needs to look for a hike in the policy rates without