‘PM Modi Hoist With His Own Petard’: Congress on Rupee’s Decline

GG News Bureau
New Delhi, 13th Jan. 
The Congress took a sharp jab at Prime Minister Narendra Modi on Monday, linking the historic fall of the Indian rupee to his earlier remarks about its strength. The rupee registered its steepest fall in nearly two years, plunging by 55 paise to an all-time low of ₹86.59 against the US dollar during mid-session, driven by a strong dollar and rising crude oil prices.

Congress General Secretary Jairam Ramesh, in a post on X (formerly Twitter), highlighted Modi’s earlier statements on the rupee. “When Mr. Narendra Modi took over as PM, the rupee was at ₹58.58 to the dollar. He mocked its decline under his predecessor’s tenure. Now, as he approaches 75 years of age, the rupee has fallen past 86. Clearly, Mr. Modi has been hoist with his own petard,” Ramesh quipped.

At the interbank foreign exchange, the rupee opened at ₹86.12 before touching its lowest-ever level of ₹86.59. It later recovered slightly, trading at ₹86.50, marking a 46 paise loss.

The Congress criticized the government’s economic policies, pointing to a lack of investor confidence, stagnant wages, and declining private investments. Ramesh alleged, “Foreign investors pulled out $2 billion from Indian stock markets in just six days, reflecting weak macroeconomic fundamentals and diminished trust in India as an investment destination.”

Citing recent disclosures about the SEBI chairperson’s conflicts of interest and India’s faltering standing compared to countries like Vietnam and Malaysia, Ramesh added that these factors are deepening currency risks and slowing economic momentum.

Comments are closed.