One dollar is now nearly worth Rs 80. The Opposition is having great fun because Prime Minister Narendra Modi had promised a much stronger rupee when he was campaigning in 2013 and 2014.
Others, who are very learned in these matters, commented on this website yesterday on the 80/dollar thing. So here, let me recall a very old debate on it. It happened between 1927 and 1939. The difference is that whereas then it was only about economics, now it’s all about politics.
In those far-off days, London’s monetary policies had restricted the supply of currency and credit,
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