Daijiworld Media Network – New Delhi
New Delhi, Jan 11: Congress leader Priyanka Gandhi Vadra has sharply criticized the Narendra Modi-led government as the Indian rupee plummeted to an all-time low against the US dollar. On Friday, the rupee declined by 18 paise, breaching the 86-mark for the first time and settling at 86.04 against the dollar. Taking to X (formerly Twitter), Priyanka Gandhi highlighted the rupee’s historic decline, stating, “The value of the rupee has reached its lowest level ever. For the first time in history, one dollar equals 86.4 rupees.” She called out Prime Minister Modi, reminding him of his scathing critiques of the United Progressive Alliance (UPA) government over the currency’s performance a decade ago.
During the tenure of former Prime Minister Manmohan Singh, the rupee had hovered around 58-59 against the dollar. At that time, then-Gujarat chief minister Modi frequently attacked the UPA government, linking the rupee’s performance to the nation’s prestige. “PM Modi claimed he knew everything and insisted that such a steep fall in the currency was unacceptable. Now, under his leadership, all records for the rupee’s decline have been broken,” Priyanka Gandhi remarked, urging Modi to address the nation on the matter.
The rupee’s depreciation comes amid a stronger US dollar, surging crude oil prices, and a negative sentiment in domestic equity markets. Forex traders cited outflows of foreign funds and global uncertainties as additional pressure points. On Friday, the rupee opened at 85.88, briefly peaked at 85.85, and eventually closed at a historic low of 86.04. This marked an 18-paise drop from its previous close. The fall came despite a minor recovery on Thursday when the rupee gained 5 paise after a sharp 17-paise decline earlier in the week. The strengthening of the US dollar, driven by expectations of restrictive trade measures under the incoming US administration, further added to the rupee’s woes.
Priyanka Gandhi’s remarks are a direct challenge to the Modi government’s handling of economic affairs. “The prime minister must answer to the people of the country,” she asserted, emphasizing the need for transparency and accountability in addressing the currency’s alarming fall. As the rupee continues to face headwinds, the issue is poised to remain a focal point in political and economic discussions, with opposition parties demanding explanations from the government.