NEW DELHI: Congress on Monday slammed the Bharatiya Janata Party-led central government over the depreciation of the rupee against the US dollar, saying Prime Minister Narendra Modi had earlier launched attacks on the Bharatiya Janata Party and its silence on the issue. criticized. Former Prime Minister Manmohan Singh during the UPA government when the rupee depreciated.
“The then Gujarat CM, who was a biologist, ran a vocal campaign against the depreciation of the rupee against the dollar in 2014, even resorting to personal attacks on Prime Minister Manmohan Singh to score political points. On May 16, 2014, the rupee closed at 58.58 rupees per dollar.After 10 years, the rupee closed at 85.27 rupees per dollar. The INR has achieved the distinction of being the worst-performing currency in Asia,” Congress Communications Secretary Jairam Ramesh said in a post on X.
Referring to Prime Minister Modi’s 2013 statement, Jairam Ramesh claimed that the UPA leadership has lost direction and is more focused on “protecting chairs” than defending the country or the value of the currency. He criticized the UPA leadership. .
“The inanimate prime minister has no words now, but let me remind him of what he said in 2013: ‘A crisis will come, but in the midst of a crisis, leaders will have no direction. If it is hopeless, the crisis becomes very serious… It is the misfortune of our country that the rulers of Delhi are not worried about the defense of the country or about the fall in the value of the Rupee… If they are worried… Then all we have to do is protect our chairs,” the Congress general secretary said, quoting the prime minister. Mr. Modi.
Questioning the effectiveness of the RBI’s currency stabilization efforts, Ramesh said, “All this devaluation is due to the government’s and RBI’s de facto currency fixation, as the Prime Minister’s former chief economic adviser has pointed out in recent weeks.” Don’t forget that this is in spite of the system.The RBI has taken advantage of the existing policy.” Billions of dollars of foreign exchange reserves were put in place to stabilize the rupee, but to no avail. ”
Early on Monday, the rupee depreciated by 4 paise against the US dollar to Rs 85.52 in early trade, affected by importers’ demand for dollars, foreign capital outflows and weakness in the domestic market.
According to a report by news agency PTI, currency traders noted that there was significant volatility on Friday and Monday due to the December currency futures expiry and the expiry of futures positions.
The rupee suffered its steepest decline in nearly two years on Friday, hitting an intraday low of $85.80, but recovered slightly to close at $85.48 against the dollar following allegations of central bank intervention.
