Rs's record plunge: Cong reminds PM of jibe during UPA rule, says govt sitting idle

As the rupee fell to yet another record low against the US dollar, the Congress on Tuesday reminded Prime Minister Narendra Modi of his jibe when the UPA was in power, and alleged the BJP-led government was sitting ''idle'' and doing nothing to arrest the slide.

The rupee fell by 41 paise to close at a fresh lifetime low of 79.36 (provisional) against the US dollar on Tuesday amid a strong greenback overseas and unrelenting foreign fund outflows.

At the interbank forex market, the local unit opened at 79.04 against the greenback and witnessed an intra-day high of 79.02 and a low of 79.38. It finally settled at 79.36 (provisional), down 41 paise over its previous close. On Monday, the rupee had closed at 78.95 against the US dollar.

Asked about the fall in the value of rupee, Congress spokesperson Gourav Vallabh said he recalls the statement made by Modi when he was not the prime minister during the UPA government's rule.

Modi wanted to convey at that time that when the price of rupee depreciates, the goodwill of the government also goes down.

''Now goodwill is at all time low prime minister, sir. Your goodwill is at all time low and everyday it is crossing a new bench mark,'' he said.

According to experts, it is going to touch Rs 82-83 and the government is sitting with folded hands, he alleged.

''What corrections, what measures government of India is taking to stop this depreciation of rupee? As the value of rupee depreciates, oil prices rise without any change in international prices,'' Vallabh said.

He said prices of life-saving drugs being exported as well as tution fees of students studying abroad would also go up.

''Government is sitting idle, not reacting to this, government is busy in renaming cities, states, rivers, stadiums and monuments,'' Vallabh alleged.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)