Chidambaram cites UPA's rupee strengthening in 2013, criticises BJP

Senior Congress leader P Chidambaram on Friday noted that the UPA government in 2013 brought back the value of the rupee from 69 to 58 against the US dollar within four months, and said all this was part of recent history which is an "anathema" to the BJP government.

The former finance minister's attack came as the rupee neared 80 to the US dollar and the Congress attacked the government alleging that it is directionless and silent on the free fall of the currency.

Referring to Congress spokesperson Supriya Shrinate's remarks, Chidambaram, in a tweet, said, "At the AICC Press Briefing today, the spokesperson recalled that in 2013 (when the taper tantrum hit emerging markets) there was a UPA government. That the UPA government brought back the value of the rupee from Rs 69 to a $ to Rs 58 within 4 months. And that the GDP growth rate increased from 5.1% in 2012-13 to 6.9% in 2013-14."

"All of the above is recent history which is anathema to the BJP government," he said.

The rupee recovered 8 paise to settle at 79.91 (provisional) against the US currency on Friday, tracking heavy buying in domestic equities and weakness in the greenback overseas.