Congress Targets PM Modi as Rupee Nears 90 per Dollar in Sharp Slide
Congress unleashes old video as currency hits all-time low.
The Indian rupee suffered a devastating blow on Friday, plummeting 98 paise in its steepest single-day fall in more than three years to close at a lifetime low of 89.66 against the US dollar, handing the opposition Congress a potent weapon to directly challenge Prime Minister Narendra Modi’s economic credentials ahead of crucial political battles.
Leading the charge, Congress General Secretary Jairam Ramesh shared a pointed 2013 video of Modi, then Gujarat Chief Minister, mercilessly mocking the UPA Government by declaring, “Sometimes it seems there is a competition between the rupee and the government in Delhi over whose dignity drops faster.” Ramesh asked whether the Prime Minister still found the remark amusing as the currency now teeters on the brink of the psychologically damaging 90-per-dollar threshold under his own watch.
Market analysts attributed the brutal depreciation to a toxic combination of surging dollar demand from importers and oil companies, massive foreign institutional investor outflows from Indian equities, relentless selling pressure in both domestic and overseas markets, and heightened global uncertainty triggered by trade policy signals from the incoming Trump administration in the United States.
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Though the rupee staged a modest technical recovery on Monday to 89.17, the underlying weakness remains stark, intensifying concerns over rising import bills, potential inflationary spirals, and the erosion of investor confidence in India’s macroeconomic stability narrative that the government has long projected as one of its strongest achievements.
With the Congress aggressively amplifying Modi’s decade-old criticism across digital platforms and traditional media, the rupee crisis has rapidly transformed into a full-blown political flashpoint, exposing the vulnerability of the ruling dispensation’s economic messaging and reigniting the debate over accountability for the nation’s financial health.
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