Opposition politicians criticised the Indian government on Wednesday (August 28) as the rupee slumped to a record low of more than 68 to the dollar.

The pummelling in markets - which sent the rupee reeling as much as 3.7 percent to an all-time low of 68.75 - forced the central bank to intervene while state-run Life Insurance Corp was spotted buying shares, allowing domestic indexes to erase steep early losses.

Foreign investors sold almost $1 billion of Indian shares in the eight sessions through Tuesday (August 27) - a worrisome prospect given stocks had been India's one sturdy source of capital inflows.

The main opposition Bharatiya Janata Party (BJP) was highly critical of the government's handling of the economy.

"What else do we expect from this UPA (United Progressive Alliance) government, which has drained the treasury completely? The nation is going through turmoil, corruption is at its zenith, prices are rising," said lawmaker Kirti Azard.

"The government has lost control over the economy completely. They are helpless before the forces of the market and the result is that the market is behaving pretty much as it likes," added Yashwant Sinha, another BJP lawmaker,

Presented by Adam Justice

Read more: https://www.ibtimes.co.uk/articles/501965/20130828/india-rupee-slide-cheap-food-budget-deficit.htm