Congress Critiques Modi as Rupee Hits Historic Low

The Congress criticized Prime Minister Narendra Modi for the decline in the rupee's value, linking it to his previous statements on strengthening the currency. The rupee hit a historic low of 86.59 against the US dollar, attributed to the strengthening dollar and rising crude prices.

The Congress party has taken aim at Prime Minister Narendra Modi, criticizing his handling of the country's economy as the rupee experiences a significant decline. On Monday, the rupee marked its most substantial drop in nearly two years, falling 55 paise to reach an unprecedented low of 86.59 against the US dollar.

This depreciation occurred amidst a strengthening American currency and surging crude oil prices, presenting a daunting economic scenario for India. Congress general secretary Jairam Ramesh noted that this decline comes despite Modi's previous promises to fortify the currency, likening the situation to Modi falling 'into his own trap.' His comments were made via a post on X, where he highlighted the irony of Modi's earlier rhetoric.

The recent downturn of 55 paise or 0.65 percent within a single session is notably the steepest since early February. This incident fuels Congress's critiques about the government's economic management failures, citing declining investments and eroding investor confidence as evidence of weak macroeconomic fundamentals plaguing India.

(With inputs from agencies.)