Arya News - The rupee’s decline is attributed to strong dollar demand, portfolio outflows, and concerns over US sanctions on entities facilitating Iranian oil sales.
NEW DELHI – The Indian rupee has hit an all-time low, trading at around 89.66 against the US dollar, sparking criticism from the Congress. The party’s general secretary, Jairam Ramesh, on Monday questioned Prime Minister Narendra Modi’s silence on the issue, recalling his remarks from July 2013 when he criticised the then-UPA government for the rupee’s fall.
“Does the PM recall what he himself had said in July 2013?” Ramesh tweeted, pointing out the irony of Modi’s current silence. In 2013, Modi had said, “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 decline is attributed to strong dollar demand, portfolio outflows, and concerns over US sanctions on entities facilitating Iranian oil sales. The Reserve Bank of India has intervened to slow the rupee’s slide, but analysts predict further depreciation towards the 90.40 and 91 levels.
Ramesh criticised the government’s handling of the economy, stating that the RBI’s efforts to stabilise the currency have been ineffective. The Congress has demanded that the government take concrete measures to address the rupee’s decline and revive economic growth.