BJP Defends Rupee's Stability Amidst Forex Turmoil

The Bharatiya Janata Party (BJP) defended the rupee's position, labeling it as one of the 'most stable' global currencies, in response to criticism from the Congress about its declining value against the US dollar.

According to Amit Malviya, head of the BJP's IT cell, India's enhanced external position, lower current-account deficit, and robust foreign exchange reserves are key factors contributing to the rupee's strength, despite a modest 3.68 percent fall in the past year, outperforming currencies like the Yen and Won.

Malviya emphasized the stability under Modi's administration compared to the UPA's track record, highlighting controlled external debt growth and stronger economic foundations reflected in the rupee's resilience amid global financial pressures.