The Congress on Monday slammed Prime Minister Narendra Modi over the rupee’s sharp depreciation against the US dollar, recalling his own remarks from 2013 when he had targeted the then UPA government over the currency’s slide.
The rupee opened at 89.46 against the dollar and later strengthened slightly to 89.17, gaining 49 paise from its previous close. On Friday, however, the currency had witnessed a dramatic plunge of 98 paise, ending the day at a lifetime low of 89.66. The fall was attributed to strong demand for the US dollar in the domestic forex market, heavy selling pressure in both local and global equities, and lingering uncertainties linked to global trade.
Congress general secretary (communications) Jairam Ramesh took a dig at the government on X, remarking that the rupee was in “free fall” and on the verge of breaching the 90-per-dollar mark. He also questioned whether the prime minister remembered his comments from July 2013, when as Gujarat chief minister, Modi had mocked the UPA for failing to protect the currency.
Sharing an old video clip from that period, Ramesh highlighted Modi’s remark, “Look at how fast the rupee is falling. Sometimes it seems there is a competition between the rupee and the government in Delhi over whose dignity drops faster.”
Friday’s slide marked the rupee’s steepest single-day fall in more than three years. The last comparable drop was on February 24, 2022, when the currency had fallen 99 paise against the dollar.
(With inputs from PTI)