New Delhi, Nov 24 (UNI) The Indian Rupee has depreciated to an all-time low, trading at approximately 89.66 against the US dollar, triggering sharp criticism from the Congress party.
Congress General Secretary Jairam Ramesh questioned Prime Minister Narendra Modi’s silence on the decline, highlighting the contrast with Modi’s own past remarks. In a post on handle X, Ramesh pointed out the irony, asking if the Prime Minister “recall what he himself had said in July 2013.”
At that time, while criticizing the UPA government, PM Modi had then remarked, “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.”
The Rupee’s current decline is attributed to a strong demand for the US dollar, portfolio outflows, and concerns related to US sanctions on entities facilitating Iranian oil sales. The Reserve Bank of India has intervened to curb the rapid fall. However, market analysts are predicting the currency could depreciate further towards the 90.40 and 91 levels.
Ramesh criticized the government’s economic management, stating that the RBI’s stabilization efforts have proven ineffective. The Congress party is demanding that the government implement concrete measures to address the currency’s slide and revive overall economic growth.
