The falling rupee has been defying the gravitational forces of the market. The cartoon (June 28) rightly depicts the grim situation and the policy paralysis prevailing in the country. Citing the RBI’s policy as a reason for this situation is not right. Disproportionate purchase of gold is also to blame for the rupee’s fall.
In 1994, a dollar fetched Rs. 32 and today it is 60-plus. For laymen like me, this means we are in some way bound to the U.S. economy but the disconcerting fact is there is no guarantee that when the American economy picks up, ours too will.
Even the euro’s value against the dollar dropped recently. Currency crisis takes place everywhere.
The Indian rupee is depreciating because we don’t mobilise our resources effectively. The government cannot face the situation alone. It is time we started another swadeshi movement. Let us start buying Indian products, whereby we can increase the growth of our manufacturing industries. BRICS nations should trade in their local currencies so that the growth of the dollar can be curtailed. While importing oil, we can pay in goods instead of paying in dollars.