Indian Political Leader Says Rupee will Gain to 35 Rupees against the Dollar

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Indian Political Leader Says Rupee will Gain to 35 Rupees against the DollarA political leader in India said that the rupee will advance to 35 rupees per U.S. dollar from the current 61 rupees if the NDA party ascends to power.

“If NDA forms the next government and Modi becomes Prime Minister then the value of rupee will get stronger and after two years of NDA rule it will be Rs 35 per dollar,” Subramanian Swamy, the leader of BJP Party.

Swamy also voiced his opposition to Foreign Direct Investment in retail sector, saying the Walmart can obtain a bank loan at a favorable rate of two percent to finance its operations, while Indian retailers are able to access the loans at a rate of 12 percent to 18 percent, reported Financial Express.

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“So how is it possible to compete at varying interest rates of bank loans for carrying out retail business?” Swamy asked. Swami was participating in a forum dubbed “Why BJP is the only option for forming the government. He argued that the prime ministerial candidate of BJP party Narendra Modi had brought vast development in Gujarat state, making it the most developed in the country.

Swami further argued that the agricultural sector in Gujarat grew at annual rate of 10 percent.

“Congress says Gujarat model is a lie but I challenge them that they should prove this. I know they could never do so as Gujarat gets 24 hour electricity, water for irrigation and many other facilities,” added Swami.

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To contact the reporter of this story; Jonathan Millet at john@forexminute.com