Strong Re obsession harmful: NRI
A Seattle-based trader, Ms Ranade in her tweet said that PM's obsession with strong rupee has harmed us.
Hyderabad: The latest turmoil in the country’s forex market is creating ripples in business circles as the fall of the rupee against the dollar to an all-time low will fuel input costs across the board.
The Confederation of Indian Industry (CII)-Telangana chapter has begun working on possible measures to mitigate the forex risk for industries. A meeting of members of the chamber has been scheduled for July 6.
On the other side of the globe, NRIs like Sonali Ranade feel that the rupee is not sliding in a desirable manner.
A Seattle-based trader, Ms Ranade in her tweet said, “Yes, but you forget that UPA government allowed the INR to slide against the US dollar even taking a 10 per cent haircut devaluation in the process, for which they got trolled by Modiji. The point is such adjustments are necessary in the national interest. Modiji’s obsession with strong INR has harmed us.”
CII Telangana chapter chairman Sanjay Singh says, “The rupee fall is not good for the country. Everything will become expensive. India is a net importing nation. Oil prices are on the rise. This coupled with rupee fall will increase input cost for every industrial vertical.”