Cong slams PM Modi as rupee hits historic low of 86 against dollar
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New Delhi: The Congress took a sharp jab at Prime Minister Narendra Modi on Monday as the rupee registered its steepest fall in nearly two years, plunging 55 paise to a historic low of 86.59 against the US dollar during mid-session. The fall was attributed to a strengthening dollar and surging crude oil prices.
Congress general secretary Jairam Ramesh remarked that the situation has ironically backfired on the prime minister. "When Mr. Narendra Modi took over as PM, he was about to turn 64, and the rupee was at 58.58 to the dollar. He spoke extensively about strengthening the rupee and mockingly linked its fall to his predecessor's age," Ramesh said in a post on X.
"Now, as Mr. Modi prepares to turn 75 later this year, the rupee has already declined well past 86 to the dollar. As the fall continues, Mr. Modi has clearly been hoist with his own petard!" he added.
At the interbank foreign exchange, the rupee opened at 86.12 before hitting its lowest-ever level of 86.59 during mid-session, marking a loss of 55 paise from the previous close. It later trimmed some losses to trade at 86.50 against the dollar, still 46 paise down.
This one-session fall of 55 paise (0.65%) is the steepest since February 6, 2023, when the rupee lost 68 paise. Over the past two weeks, the rupee has weakened by over Re 1, from its December 30 closing level of 85.52.
The Congress has repeatedly criticized the government for its economic management, highlighting falling investments and the depreciating rupee. In another post on X, Ramesh highlighted foreign investors' withdrawal of $2 billion from Indian stock markets in just the first six days of 2025, attributing it to weak macroeconomic fundamentals, stagnant wages, faltering private investment, and a slowdown in consumption growth.
He further linked the outflow to a lack of investor confidence in India's financial markets, exacerbated by recent controversies involving SEBI's leadership and India's declining appeal as an investment destination compared to nations like Vietnam and Malaysia.
Ramesh added that the rupee's consistent decline against the dollar poses increasing currency risks, further straining the economy.
With the rupee hitting record lows day after day, the Congress has intensified its attacks on the government’s economic policies and their impact on India’s global standing.
With PTI inputs
