The Indian rupee has been on a free fall in recent days, and it is causing much distress among businessmen. The depreciation of the currency against the US dollar has caused a great deal of concern for those involved in international trade. Many are pointing fingers at exchange companies who they claim are orchestrating an illegal ‘dollar racket’ to take advantage of this situation.
These businessmen allege that these companies have been manipulating the market by hoarding dollars and then selling them off when demand increases, thus driving up prices artificially. This practice goes against all regulations set out by RBI, which states that no single entity should be allowed to control more than 10% of total foreign exchange transactions within India’s borders.
In response to such allegations, many exchange companies have denied any wrong doing or involvement with such activities; however some experts believe there may be truth behind these accusations as similar practices were seen during previous bouts of rupee depreciation as well. Regardless if true or not, it is clear that businesses across India need urgent relief from this crisis so they can continue their operations without fear or disruption due to currency fluctuations beyond their control
Read more at The Express Tribune
