Rahul says Rupee not breaking, is broken

Rahul says Rupee not breaking, is broken

Congress President Rahul Gandhi(PTI Photo)

As the Rupee hit a record low of Rs 73.77 against the US dollar, Congress President Rahul Gandhi on Thursday said that the Indian currency is not breaking, but is "broken".

The rupee collapsed to a fresh low of 73.77 against the US dollar on Thursday, as global oil prices continued to rise, deepening concerns about the current account deficit and capital outflows.

"Breaking: Rupee slips to 73.77. It's not breaking - it's Broken," Gandhi said on Twitter.

Gandhi on Wednesday had hit out at Prime Minister Narendra Modi questioning on his silence over the falling value of the Indian Rupee.

He tweeted in Hindi that fuel and gas prices are on the boil and there is an outcry in the public which even questioned on the prime minister is on silent mode.

"The rupee has crossed the 73 mark and price rise is causing an outcry. Fuel and gas prices are on fire and markets are scurrying. Till when will be the 56-inch chest on 'silent mode'," he tweeted and asked what happened to the promise of 'acche din'.

Consistent dollar demand from importers, mainly oil refiners, following higher crude oil prices, have kept the rupee under pressure.

State-owned oil marketing companies have been allowed to raise USD 10 billion from overseas market to meet their working capital needs.

At the interbank foreign exchange, the rupee opened lower and slipped further to a fresh low of 73.77 a dollar against 73.34, a fall of 43 paise.