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| India Today |
AT the end of the
nineteenth century, Oscar
Wilde in his famous play The Importance
of being Earnest had talked of the precipitous fall in
the value of the
Indian rupee. Well over a century later alas, the Indian
rupee is still
falling, its latest fall as precipitous as any in Oscar
Wilde’s time. On July
12, 2011, the exchange rate was 44 rupees to a US dollar; by
end-June 2013, it
has plummeted to 60 rupees per US dollar, a 27 percent
decline in two years.
