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Depreciating rupee will kill small businesses: Mamata

NEW DELHI

West Bengal Chief Minister Mamata Banerjee on Thursday said the devalued rupee will lead to increase of oil import bills and small businesses will be killed further post the demonetisation.

She also said farmers’ distress will be compounded as the rupee fell further on Thursday to a new record low beyond Rs. 70.20 against the dollar but recovered soemwhat later.

“Rupee crashes to its lowest ever. We are very concerned. Oil imports bill will now jump,” Ms Banerjee said in a tweet.

“Prices for vegetables will go up. After demonetisation disaster and now rupee slide, informal sector and small businesses will be further killed. Farmer distress will be compounded,” she said.

The wider trade deficit, along with recent outflow of foreign funds, weakened the Indian rupee to a fresh record low.

At 10.45 am, the rupee recovered to 70.23 after it had plunged to 70.32-33 – the lowest ever mark – against the greenback on the back of an apparent intervention by the Reserve Bank of India (RBI).

At the end of the intra-bank trade session on Tuesday, the rupee strengthened by four paise at 69.90 against the dollar, compared to Monday”s close of 69.94 per greenback.

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