Rupee slump prompts Congress to recall PM Modi’s 2013 remarks

The Congress on Monday criticised Prime Minister Narendra Modi over the rupee’s sharp decline against the US dollar, invoking his own remarks from 2013 when he mocked the then UPA government over the currency’s performance.

The rupee opened at 89.46 to the dollar and later strengthened marginally to 89.17, recovering 49 paise from its previous close. On Friday, the currency had recorded its steepest fall in over three years, plunging 98 paise to close at an all-time low of 89.66 amid strong demand for the US dollar, heavy selling in domestic and global markets, and uncertainty linked to trade flows.

Taking a swipe at the government, Congress communications chief Jairam Ramesh said on X that the rupee “continues its free fall” against the dollar and is now close to breaching the Rs 90-per-USD mark.

“Look at how fast the rupee is falling. Sometimes it seems there is a competition between the rupee and the government in Delhi — whose dignity drops faster,” Modi had remarked at the time.

Friday’s drop was the steepest single-day fall since 24 February 2022, when the rupee had slid 99 paise against the dollar. Market analysts expect continued volatility amid global economic uncertainty and persistent demand for the greenback.

With PTI inputs