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Congress targets PM Modi over falling rupee, demands action plan

BySnehashish Roy
Jan 24, 2025 03:01 PM IST

Congress spokesperson Supriya Shrinate pointed out that despite the reserve bank of India (RBI) spending over $80 billion from the country’s foreign exchange reserves since September 2024 to control the depreciation, the rupee continues to decline

New Delhi: The Congress party on Friday criticised Prime Minister Narendra Modi over the depreciation of the Indian rupee against the US dollar,calling on him to present a concrete plan to address and strengthen the currency’s declining value.

It seems like PM Modi has made up his mind to let the rupee hit a century, said Congress spokesperson Supriya Shrinate said during a press conference in New Delhi (REUTERS)
It seems like PM Modi has made up his mind to let the rupee hit a century, said Congress spokesperson Supriya Shrinate said during a press conference in New Delhi (REUTERS)

“PM Modi himself said that ‘as the rupee depreciates, the dignity of the Prime Minister and the grace of their office also decline’. The rupee now hovers around 87 to a dollar, a sharp fall from the 58 to a dollar rate when it was handed over to him in 2014. It seems like PM Modi has made up his mind to let the rupee hit a century,” Congress spokesperson Supriya Shrinate said during a press conference in New Delhi.

The Bharatiya Janata Party (BJP) is yet to reply to the allegations. The story will be updated once BJP comments.

Shrinate said that despite the reserve bank of India (RBI) spending over $80 billion from the country’s foreign exchange reserves since September 2024 to control the depreciation, the rupee continues to decline.

Also Read: Worry over a falling rupee

“He (Modi) has ensured that the rupee has fallen by 50% from where it stood when he took office in 2014,” she added.

Shrinate compared Modi’s tenure to those of previous prime ministers, citing the contributions of leaders from the Congress party and other parties.

In addition, the Congress also raised several pressing questions to the government. “Does the Modi government realise the impact of a depreciating rupee? Do they have a plan to revive and strengthen the rupee? For how long will we continue to spend our precious forex reserves to control the rupee? Do they understand that a falling rupee leads to higher inflation? Do they have any plan to bring relief to the common people of this country?” the party asked.

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