As the rupee fell to yet another record low against the US dollar, the Congress on Tuesday reminded Prime Minister Narendra Modi of his jibe when the UPA was in power, and alleged the BJP-led government was sitting "idle" and doing nothing to arrest the slide.
The rupee fell by 41 paise to close at a fresh lifetime low of 79.36 (provisional) against the US dollar on Tuesday amid a strong greenback overseas and unrelenting foreign fund outflows.
At the interbank forex market, the local unit opened at 79.04 against the greenback and witnessed an intra-day high of 79.02 and a low of 79.38. It finally settled at 79.36 (provisional), down 41 paise over its previous close. On Monday, the rupee had closed at 78.95 against the US dollar.
Asked about the fall in the value of rupee, Congress spokesperson Gourav Vallabh said he recalls the statement made by Modi when he was not the prime minister during the UPA government's rule.
Modi wanted to convey at that time that when the price of rupee depreciates, the goodwill of the government also goes down.
"Now goodwill is at all time low prime minister, sir. Your goodwill is at all time low and everyday it is crossing a new bench mark," he said.
According to experts, it is going to touch Rs 82-83 and the government is sitting with folded hands, he alleged.
"What corrections, what measures government of India is taking to stop this depreciation of rupee? As the value of rupee depreciates, oil prices rise without any change in international prices," Vallabh said.
He said prices of life-saving drugs being exported as well as tution fees of students studying abroad would also go up.
"Government is sitting idle, not reacting to this, government is busy in renaming cities, states, rivers, stadiums and monuments," Vallabh alleged.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
You’ve hit your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Quarterly Starter
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Access to Exclusive Premium Stories Online
Over 30 behind the paywall stories daily, handpicked by our editors for subscribers


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app