The current fall of the rupee against the US dollar is a painful reminder of the way the economic affairs of the country have been mismanaged by its leaders, irrespective of the political parties to which they belonged. It is worth recalling that in 1966, a US dollar could be bought for only Rs 4.75 against over Rs 38 today.
The strength of the currency is a reflection of the strength of the economy and the quality of its economic management. Just compare India with Singapore. In 1966, three Singapore dollars were required to buy one US dollar, and today, only 1.6. Appreciation of the Singapore dollar against the US dollar during the last three decades and the growth of its economy reflects the immense wisdom of its leaders.
In the early 1960s, Singapore stood at the same level of economic development as India but is now at par with the countries of western Europe and the US.
