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BJP MP Subramanian Swamy Blames Black Money For Rupee Fall

JAVED SAIFI | 0
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| September 23 , 2018 , 20:35 IST

As the Indian rupee has been maintaining its historic low of Rs 72.24 per US dollar on Sunday, Bhartiya Janta Party MP and an economist Subramanian Swamy said that Indian rupee is falling due to currency stored in the form of black money in the country.

Swamy was quoted by IANS as saying, "The problem of falling rupee has got nothing to do with the US. It has got to do with the fact that a large amount of black money is now leaving the country. When there is an oversupply of the rupee to the dollar, the value is bound to go down."

Swamy also said that dollar will continue to maintain its strength in the global economy as long as the US remains the most developed country in the world.

Also Read: To Prevent Rupee Free Fall, RBI Can Sell $25 Billion At Forex: SBI Report

“The day they cease to be, some other currency will come. At the moment there is no challenge to the dollar," Swamy said.

Swamy was speaking at a public function in the South Goa.

Prime Minister Modi-led government have been facing criticism over the continuing depreciation in the value of Indian rupee in comparison to the US dollar.

The Indian rupee has been trading at above Rs 72 from the last couple of days with a 13 per cent depreciation in its value so far in 2018 making it a worst-performing currency in Asia.

Bewakoof janta

Ok Mr. Swamy, but I thought your great leader demonitisation had finished black money in India. Or does the money has only changed the address?

Bewakoof janta

Ok Mr. Swamy, but I thought your great leader demonitisation had finished black money in India. Or does the money has only changed the address?