Looks like PM has made up his mind to make rupee hit a century: Congress

“It was Mr Modi who said that on with the falling rupee, the premier minister’s dignity and his office’s grace besides fall. I wonderment what Prime Minister Modi has to accidental now,” she said.

“The rupee contiguous is staring astatine 87 to a dollar, portion helium (Modi) was handed implicit the rupee astatine 58 to a dollar erstwhile helium became the premier minister. The rupee has fallen by 29 against the dollar, which is simply a autumn of 50 per cent successful the past 10 years. It looks similar helium has made up his caput to marque it deed a century,” Shrinate said astatine the presser astatine the All India Congress Committee (AICC) bureau astatine 24, Akbar Road.

She asked the Centre whether it has a program to resurrect the rupee and for however agelong the precious forex reserves are going to beryllium spent to power and fortify the rupee.

“Today, the rupee is playing fell and question with 87. It seems that the rupee is moving distant and Prime Minister Modi is shouting slogans from down — ‘This clip 60 paar, 65 paar, 70 paar, 75 paar, 80 paar, 85 paar’…. Now, we volition marque 87 paar also. Narendra Modi has decided that helium volition guarantee that helium reaches a period of rupees,” the Congress person said.

“If Narendra Modi is asked astir the falling rupee, helium tin blasted (first premier curate Jawaharlal) Nehruji for it,” she said.

Shrinate besides shared a pastry chart, highlighting the percent by which the worth of the rupee fell during the tenures of assorted premier ministers implicit the years.

She claimed that erstwhile the British near the country, the worth of 1 US dollar was Rs 3.31 and that the rupee fell by 2 per cent successful 17 years nether Nehru.

“There was nary diminution successful the worth of the rupee during Lal Bahadur Shastri’s government. When Indira Gandhi became the premier curate for the archetypal time, her publication to the autumn of the rupee was 5 per cent. The rupee depreciated by 5 per cent during Indiraji’s 2nd tenure too. It depreciated by 6 per cent during Rajiv Gandhi’s tenure. The rupee fell by 6 per cent during the one-year tenure of VP Singhji,” she said.

P V Narasimha Rao recovered the system successful a atrocious signifier and had to bring successful large reforms successful 1991. During his rule, the rupee depreciated by 17 per cent, Shrinate said.

“Atalji took the rupee past 45 successful six years and his publication to the full diminution is astir 11 per cent. Dr. Manmohan Singh got the rupee astatine 45 successful 2004 and successful 2007, helium had strengthened the rupee and taken it to 41.

“During the planetary fiscal situation and economical slump of 2008, the Indian rupee fell to lone 48. In 2012, erstwhile the taper tantrum happened and the emerging marketplace currencies started falling, the rupee fell from 58 to astir 69. But wrong 4 months, the Congress authorities brought the rupee backmost from 69 to 58,” she said.

The Congress handed implicit the rupee to Modi astatine 58.4, with which helium is trying to people a century, Shrinate said.
“Modi has contributed 34 per cent to the autumn of the rupee truthful acold and during his 10-year tenure, the worth of the rupee has fallen by 50 per cent,” she added.

The Congress person besides pointed retired that the overseas speech reserves person reached its lowest level successful 10 months — from USD 704 cardinal connected September 27, 2024 to USD 635 cardinal connected January 10, 2025.

“We lone inquire 4 questions — does the Modi authorities realise what a depreciating rupee is doing? Does it person immoderate program to resurrect the rupee?” she asked.

“For however agelong are we going to walk our precious forex reserves to power and fortify the rupee, thing the Modi authorities is not being capable to do? Does it realise for erstwhile and for each that a falling rupee contributes to a precocious inflation and does it person immoderate program to bring respite to the communal radical of this country?” Shrinate asked.

I person brought a magnifying solid contiguous due to the fact that we person mislaid way of however profoundly the rupee has fallen and, with that, the premier minister’s dignity.

PM Modi had erstwhile said that on with the rupee, the PM’s dignity and his office’s grace besides falls. I wonderment what PM Modi has to… pic.twitter.com/iffXwOVuuj

— Congress (@INCIndia) January 24, 2025

The rupee appreciated 18 paise to 86.26 against the US dollar successful the greeting commercialized connected Friday, supported by affirmative home equities and a brushed American currency index. On Thursday, the rupee declined 9 paise to settee astatine 86.44 against the US dollar.