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