NEW DELHI, Aug 6: The Congress on Tuesday slammed the Centre over the rupee slumping to an all-time low of 84.09 against the US dollar and said this was a clear indication of the government’s “economic blunders” and “mismanagement”.
The rupee slumped 37 paise to settle at an all-time low of 84.09 against the US dollar on Monday, following a sell-off in broader global markets amid rising geopolitical tensions in the Middle East and worries over recession in the US.
The rupee recovered from its all-time low level and settled for the day 16 paise higher at 83.93 (provisional) against the US dollar on Tuesday.
Congress’ media and publicity department head Pawan Khera said the rupee has hit an all-time low of 84.09 against the US dollar, adding “a clear indication of the government’s economic blunders and mismanagement”.
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“On Monday, the rupee slumped by another 37 paise. Since the Modi government took over, the rupee has fallen by more than 30% in the last 10 years,” he said.
Foreign portfolio investors pulled out a staggering Rs 10,073 crore (USD 1.20 billion) from our markets, putting immense pressure on the rupee, he claimed.
Khera said the government’s inability to retain the investors’ confidence is evident.
“Both Sensex and Nifty tanked nearly 3% on Monday, a clear indicator of the lack of confidence in the current government’s economic direction. Despite a sharp drop in the dollar index and crude prices, the rupee’s weakness persisted. This highlights the government’s failure to leverage favorable international market conditions,” the Congress leader said in a post on X.
The rupee’s current state is a symptom of larger economic mismanagement, he alleged.
“The government’s inability to manage foreign capital outflows and stabilize the equity markets is glaring. The continuous decline in the rupee is a direct result of their poor economic policies,” Khera said. (PTI)
