NEW DELHI: Rupee extended its slide on Wednesday, dropping another 9 paise to touch a fresh all-time low of Rs 90.05 against the US dollar in early trade. The currency has been weakening steadily since the start of the week, though a softer dollar index and easing global crude oil prices helped prevent a deeper fall.According to forex traders, persistent dollar buying by banks and continued FII outflows have been putting pressure on the rupee. Earlier on Tuesday, the currency had slipped 42 paise to close at Rs 89.95, after falling 8 paise on Monday to Rs 89.53. So far this year, the rupee has lost over 4%, including a 0.8% decline in November alone.Opposition leaders attacked the BJP-led central government and Prime Minister Narendra Modi over the sharp depreciation of the rupee.
Opposition targets central govt, PM Modi
‘Just as the rupee falls, PM’s prestige also falls’
From its official X handle, the Congress posted, “What is the reason the rupee keeps falling?” “A question for the Prime Minister Narendra Modi,” the party added.Congress spokesperson Supriya Shrinate also took aim at the Prime Minister, writing, “Prime Minister Modi is busy today. He is busy searching for his lost prestige which has fallen in a deep ditch.”Sharing a post on X, Congress national spokesperson Supriya Shrinate stated, “Prime Minister Modi is busy today. He is busy searching for his lost prestige which has fallen in a deep ditch. Well, the rupee has now crossed 90 against the dollar, so just imagine where his prestige must have sunk? In 2014, he was handed the rupee at 58.86 against the dollar, and he has taken it beyond 90! Looks like he’s determined to score a century here as well.”Quoting PM Modi’s 2013 remark, she added, “Just as the rupee falls, the Prime Minister’s prestige also falls.”Shrinate further criticised attempts to present the weak rupee as positive, “Instead of worrying about the rupee – PM, his government, fake economists and lapdog media are hell-bent on convincing everyone that a weak rupee is actually good… That’s a lie. India’s rupee is the worst-performing currency in Asia.”She further warned that “a weaker rupee means a higher import bill. Which means the country will buy goods from overseas at higher prices. Goods that come in at higher prices will obviously be sold at higher prices – like crude oil. When oil becomes costlier, vegetables, fruits and everything else will become more expensive as well.””Don’t live under the illusion that the rupee can keep falling and you’ll remain unaffected. It may not matter to Modi ji, but it will definitely matter to you,” she added.
Who is ‘mute’ and ‘maun’ now: TMC
TMC leader Sagarika Ghose directly recalled Modi’s 2013 remarks as Gujarat Chief Minister when the rupee touched 60, “Rupee breaches 90 to the $ FOR FIRST TIME. When it touched 60 in 2013, then Gujarat CM Narendra Modi had mocked then PM Manmohan Singh in the most crude and vulgar terms. Now as PM what should we say? Who is ‘mute’ and ‘maun’ now, Shri Modi? Or are you waiting for a century?” she wrote on X.
For India, it is spy apps- spy saathi: Shiv Sena (UBT)
Shiv Sena (UBT) leader Aaditya Thackeray also criticised the government saying, “The Rupee has hit 90+ against the Dollar today. Fares even worse against some other currencies. Not a word from the Finance Minister. In 2014 bjp had promised Achche Din. I guess it was for the others, not Indians. For India, it is spy apps- spy saathi.” Go to Source