Clarion India
NEW DELHI – With rupee hitting all time low against the US dollar on Monday, Opposition leaders flayed Prime Minister Narendra Modi-led government, blaming its “incompetence” for the slump. Many of them also recalled Modi’s remarks against his predecessor, former Prime Minister Manmohan Singh, on the exchange rate.
In a post on X, Congress general secretary (communications) Jairam Ramesh said, “When Mr. Narendra Modi took over as PM he was about to turn 64 and the rupee was at Rs. 58.58 to the dollar. He waxed eloquent on making the rupee stronger and mockingly linked its fall to his predecessor’s age.”
He said that 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!”
Other Opposition leaders also joined in. CPI general secretary D. Raja said India was already under ₹200 lakh crore of foreign debt, and the slump in the value of Indian rupee further highlighted the state of disrepair the economy was in. “Mr. Modi, when he was the Gujarat Chief Minister, had equated the value of rupee to the honour of the nation. What happens to the honour of the nation now? He said that in his third term, he will ensure that India becomes the third largest economy of the world, is this how it will be done,” Mr. Raja asked.
Shiv Sena (UBT) senior leader and Rajya Sabha MP Priyanka Chaturvedi said that the government had not yet spoken on the issue. In a post on X, she said, “The country wants to know Prime Ministerji, what is the reason that only the Indian rupee is falling against the dollar.”
Trinamool Congress MP Saket Gokhale blamed the government’s “incompetence” for the fall. “Growth is at a three-year low. Inflation is out of control. Our economy is doomed but PR Modi is still in denial & continues to fool people,” Mr. Gokhale wrote in a post on X.
On Monday, the rupee logged its steepest fall in nearly two years, plunging 55 paise to hit a historic low of 86.59 against the U.S. dollar due to the strengthening of the American currency and surging crude oil prices.
