BJP assails UPA Govt. over rupee fall against dollar

New Delhi, May 23 (ANI): With the Indian rupee hitting a record low against the dollar, the Bharatiya Janata Party (BJP) on Wednesday assailed the UPA-II Government on the issue, terming it a 'gross mismanagement of the Indian economy."

Expressing concern, BJP spokesperson Ravi Shankar Prasad blamed the fall in the value of the rupee to 'weak and deteriorating' economic fundamentals of the Congress-led UPA Government.

"The BJP is deeply concern about the declining rupees in comparison to dollars. It is assuming alarming proportion. It has three clear consequences. Import of good is going to be costlier. Business proportion is going to be costlier. Import of raw crude is going to be costlier," Prasad said

"But what amazingly is almost complete inaction on the part of government of India ... I don't think the same is happing in the neighboring countries. It is severely impacting India because in some way the gross mismanagement of India's economy is also responsible," he added.

Prasad asked Congress President Sonia Gandhi to articulate the concern of common people

"Soniaji, you shall continue to articulate the concern of common people, so long as they are suffering. They have been the biggest victims of the rank misrule of the UPA government," he said.

The rupee hit another new low of 55.95 to the dollar in early trade on Wednesday. This is the sixth consecutive all-time low that the Rupee has hit in trade against the US dollar.

The battered Indian currency, the worst performer among emerging markets since March, is poised for more weakness in the near term unless the authorities step in with specific measures, according to analysts and dealers.

Despite repeated interventions over the past sessions and a rash of other measures targeting deposits and exporters, the Reserve Bank of India has so far been unable to prevent the falls in the value of domestic currency. (ANI)