The Bharatiya Janata Party (BJP) yesterday charged the United Front and the Congress with ruining the countrys economy by bringing in political instability.
It demanded that the Centre either take a policy decision to save the rupee from declining further or leave the issue to the Reserve Bank of India.
The economic price for political uncertainty has been very high because of the declining rupee, BJP spokesperson Yashwant Sinha said adding that this has increased the countrys debt burden and the import bill. The price of one US dollar was Rs 38.30 on Tuesday, he pointed out.
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He pointed out that the foreign debt of $91 billion, which stood at Rs 1,82,000 crore as per the 1991 rupee-dollar exchange rate of Rs 20 for every dollar, had jumped to Rs 3,24,000 crore in March 31, 1992, when the exchange rate was Rs 35.70 per dollar. But by Tuesday, the debt had increased by another Rs 24,000 crore to stand at Rs 3,48,000, Sinha said.
The BJP leaders said the situation was worse in the forward market where one dollar was likely to cost Rs 41 for the next six months and Rs 42 for the next one year.