Congress mocks PM as rupee continues its steep slide.
The rupee opened at 89.46 to the dollar but soon recovered slightly to 89.17, giving a small 49-paise relief after yesterday’s sharp slide.
The Congress on Monday sharpened its political attack on Prime Minister Narendra Modi, using the rupee’s latest slide against the US dollar as an opportunity to remind him of his own words from more than a decade ago. What unfolded was a mix of economic concern and political theatre, with the Opposition accusing the government of failing to protect the currency at a moment of global financial uncertainty.
Earlier in the day, the rupee opened at 89.46 against the US dollar, a shaky start that reflected ongoing pressure in the forex market. It later strengthened slightly to 89.17, marking a 49-paise gain from its previous close — a small but welcome recovery after the turbulence seen on Friday. Just two days earlier, the rupee had plunged by 98 paise to close at an all-time low of 89.66, a fall driven by strong demand for the dollar, heavy selling across global and domestic equities, and persistent uncertainty around trade flows. The drop had left investors, traders, and ordinary citizens uneasy, watching each new number with growing worry.
Sensing an opening, Congress general secretary Jairam Ramesh took to X to criticise the ruling government, calling the decline a “free fall” and warning that the currency was edging dangerously close to the symbolic 90-rupee mark against the dollar. His tone captured the frustration of many who feel the economic environment has become increasingly unpredictable.
But what gave his post a sharper political edge was his decision to recall Narendra Modi’s own comments from 2013, when he was chief minister of Gujarat and the UPA government was battling a weakening rupee.
Those words have resurfaced again and again over the years whenever the currency dips sharply, but this moment carried a special sting because the rupee had just recorded its second-worst single-day fall in history — the biggest being a 99-paise drop on February 24, 2022. By drawing attention to Modi’s past remarks, the Congress hoped to underline what it sees as a gap between the Prime Minister’s rhetoric in opposition and his record in government.
The episode reflects more than just a macro-economic debate. For many Indians, the rupee’s value feels personal — tied to the cost of fuel, the price of imported goods, the stability of savings, and the sense of where the country stands globally. Every dip triggers a mix of technical analysis, political blame, and everyday worry.
Markets, meanwhile, remain jittery. Global conditions have been volatile, with investors turning increasingly toward the dollar as a safe haven, while geopolitical uncertainties and uneven trade patterns have added pressure at home. Economists note that while some fluctuations are inevitable in a turbulent global environment, the psychological impact of the currency nearing 90 to the dollar cannot be ignored.
As the political back-and-forth intensifies, ordinary citizens watch the numbers move each day, hoping for stability and clarity. For now, the rupee’s momentary recovery offers a sliver of reassurance — but the larger concerns remain very much alive, shaping both market sentiment and political discourse.