Rupee's fall indicates rise in black money, says Subramanian Swamy

Subramaniam Swamy

The Indian rupee is falling because the currency is exiting the country in the form of black money, BJP MP Subramanian Swamy said on Sunday.

"The problem of falling rupee has got nothing to do with US. It has got to do with the fact that a large amount of black money is now leaving the country. When there is an oversupply of rupee to the dollar, the value is bound to go down," Swamy said at a public function in South Goa.

He said that the dollar would continue to rule the roost in global economy "as long as the US (is) the most developed country in the world. The day they cease to be, some other currency will come. At the moment there is no challenge to the dollar".

The BJP-led government at the Centre is currently under fire due to the decreasing value of the Indian rupee against the US dollar.



Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel