Congress targets PM Modi as rupee slips to record lows

The Congress on Monday took a dig at Prime Minister Narendra Modi over the continued slide of the Indian Rupee against the US dollar, pointing to his own remarks from 2013 when he had criticised the then UPA government over currency depreciation.

According to market data, the rupee opened at 89.46 against the dollar and later strengthened slightly to 89.17, gaining 49 paise from its previous close. This followed Friday’s sharp fall, when the currency dropped 98 paise and ended at an all-time low of 89.66. The decline was attributed to heavy demand for the dollar, broad selling pressure across global and domestic equities, and uncertainty in trade flows.

Reacting to the latest drop, Congress communications in-charge Jairam Ramesh said on X that the rupee continued what he described as a steady fall and appeared to be approaching the 90-per-dollar mark. He also referenced a video from 2013 in which Modi, then Gujarat Chief Minister, had mocked the UPA government over a weakening rupee. In that clip, Modi was heard suggesting that the currency and the central government were both losing dignity rapidly.

Friday’s slump was reported to be the steepest single-day fall in more than three years. The last comparable decline was in February 2022, when the rupee had dropped 99 paise against the dollar.