Mumbai: In 2013, the United Progressive Alliance (UPA) government was at the centre and the news of the rupee falling against dollar made Chetan Bhagat, Sri Sri Ravi Shankar and Narendra Modi quite upset. In 2014, Ravi Shankar was also hopeful that Achche Din will finally come with Modi at the Centre. A stronger rupee against dollar was presented as one of the key features of Achche Din.
UPA Government and the Rupee seem to be in a competition with each other on who will tumble down more. http://t.co/Rl8RMMJ9kZ
— Narendra Modi (@narendramodi) July 24, 2013
It is refreshing to know that the rupee will get stronger at Rs.40/- per dollar if Modi comes to power http://t.co/OacZDXesGy
— Sri Sri Ravi Shankar (@SriSri) March 20, 2014
Rupee at 60. It is mayhem. Close to an economic crisis. But well, the government is silent.
— Chetan Bhagat (@chetan_bhagat) June 20, 2013
Come May 2018, reports say the rupee declined 12 paise to a fresh 16-month low of 68.12 against a strengthening US dollar in early trade today after China and the US struck a deal to avert a trade war. However, Bhagat has not shared his opinion yet and Ravi Shankar has also maintained a stoic silence. Since the tables have turned, and he is in charge, the prime minister has not updated the blog with the reasons explaining why the rupee is falling against dollar.
Traders attributed the rupee’s fall to increased demand for the dollar from importers and banks after US Treasury Secretary Steven Mnuchin said the trade war with China was on hold, amid hopes of easing trade tensions between the two economies.
Higher crude oil prices and losses in Asian currencies to weighed in the domestic unit, they added.
On Friday, the rupee had lost 30 paise to end at 68 against the US currency on renewed dollar buying interest amid global macro challenges.
Meanwhile, the benchmark BSE Sensex recovered 125.65 points, or 0.36 percent, to 34,973.95 in early trade today.
We are waiting to hear from the experts on Achche Din.
(With PTI inputs)