NEW DELHI: The Congress took a jab at Prime Minister Narendra Modi on Monday over the sharp fall in the value of the rupee, stating that as the decline continues, he has been “hoist with his own petard.” The rupee recorded its steepest drop in nearly two years, plummeting 55 paise to reach a historic low of 86.59 against the US dollar during mid-session on Monday. This decline is attributed to the strengthening of the US dollar and surging crude oil prices.
Congress general secretary Jairam Ramesh pointed out the contrast between PM Modi’s earlier statements and the current situation. “When Mr. Narendra Modi became Prime Minister, he was about to turn 64, and the rupee stood at 58.58 to the dollar. He eloquently spoke of strengthening the rupee and mockingly linked its decline to his predecessor’s age,” Ramesh said in a post on X.
“Well, now, as Mr. Modi approaches 75 later this year, the rupee has fallen well past 86 to the dollar. Clearly, Mr. Modi has been hoist with his own petard!” he added.
The rupee opened at 86.12 at the interbank foreign exchange market and plunged to a record low of 86.59 against the US dollar during mid-session, marking a loss of 55 paise from its previous close. It later pared some losses, trading 46 paise down at 86.50.
This 55-paise or 0.65% single-session decline is the steepest since February 6, 2023, when the rupee had dropped 68 paise. Over the past two weeks, the Indian currency has witnessed a steep fall of more than ₹1, sliding from its December 30 closing level of 85.52.
The Congress has consistently targeted the government’s economic management, pointing to declining investments and the rupee’s devaluation. “While the non-biological PM is rediscovering that he is human after all, foreign investors have started 2025 by pulling out $2 billion from our stock markets in just six days,” Ramesh said in another post on X on Friday.
“This reflects our weak macroeconomic fundamentals: stagnant wages, sluggish private investment, and a slowdown in consumption growth,” he argued. He also pointed to a lack of investor confidence in India’s financial markets, citing recent controversies involving the Sebi chairperson and India’s declining appeal as an investment destination compared to countries like Vietnam and Malaysia.
“The rupee is hitting new lows against the dollar daily, amplifying currency risks,” Ramesh said.
