Congress launched a sharp critique against Prime Minister Narendra Modi on Monday over the continued depreciation of the Indian rupee, which it claimed revealed Modi’s failure in managing the economy.
The rupee plunged to its lowest in nearly two years, dipping 55 paise to reach an all-time low of 86.59 against the U.S. dollar during mid-session on January 13, 2025. This decline was attributed to the strengthening of the American currency and rising crude oil prices.
Congress General Secretary Jairam Ramesh took to X to remind Modi of his past comments on the rupee's value when he first assumed office. Ramesh wrote, “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 waxed eloquent on making the rupee stronger and mockingly linked its fall to his predecessor's age.”
Ramesh further added, "Well, now as Mr. Modi prepares to turn 75 later in the 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!"
The rupee’s significant drop occurred in the midst of the foreign exchange session on January 13, with the currency opening at 86.12. It reached a historic low of 86.59 before slightly recovering to 86.50 against the dollar.