Narendra Modi on why UPA has failed to stem rupee fall

Attacking the Centre over its inability to arrest the declining rupee against the US dollar, Gujarat Chief Minister Narendra Modi said on Tuesday the Centre was neither concerned about the economy nor the falling rupee but only worried about saving its chair.

"The country is disappointed today because the government is neither concerned about the economy nor the falling rupee. It is only worried about saving its chair," Modi said on Tuesday.

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The Indian rupee continued its slide on Tuesday morning, breaching the 64-mark against dollar by falling 98 paise to trade at a record low of 64.11 on persistent dollar demand and a weak opening in the domestic equity market.

The domestic currency on Monday recorded the decade's worst single-day fall of 148 paise to close at record low of 63.13 against the dollar in the previous session.

He lambasted the Centre for not taking any steps to strengthen the currency against the US dollar.

"The rupee has fallen rapidly in the past three months.

“But the government has not taken any steps in the last three months to strengthen the rupee against the US dollar.

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“If the rupee keeps falling like this, other countries will start taking advantage of India," the BJP poll campaign committee chairman said.

Terming the leadership as direction less, the Prime Minister-aspirant said, "The country might have never imagined that it would face such an economic crisis.

“But when leadership during such a crisis is direction less, then hopelessness increases. “The Centre has not taken any step to instill confidence among people."

He took the Centre to task for failing to rein in inflation.

"For the last five years, every three months, we have been hearing from the Centre that prices will come down and inflation will be controlled but nothing has happened," Modi stated.