New Delhi: In a scathing attack on Prime Minister Narendra Modi over the falling value of the rupee against the US dollar, the Congress on Friday said the currency has fallen by 50 per cent in the last 10 years and it looks like the prime minister has made up his mind to make it hit a century.
Addressing a press conference here with a magnifying glass in hand, Congress spokesperson Supriya Shrinate said she has brought it as she has lost track of how steeply the rupee has fallen and with that, the prime minister’s dignity.
“It was Mr Modi who said that along with the falling rupee, the prime minister’s dignity and his office’s grace also fall. I wonder what Prime Minister Modi has to say now,” she said.
“The rupee today is staring at 87 to a dollar, while he (Modi) was handed over the rupee at 58 to a dollar when he became the prime minister. The rupee has fallen by 29 against the dollar, which is a fall of 50 per cent in the last 10 years. It looks like he has made up his mind to make it hit a century,” Shrinate said at the presser at the All India Congress Committee (AICC) office at 24, Akbar Road.
She asked the Centre whether it has a plan to resurrect the rupee and for how long the precious forex reserves are going to be spent to control and strengthen the rupee.
“Today, the rupee is playing hide and seek with 87. It seems that the rupee is running away and Prime Minister Modi is shouting slogans from behind — ‘This time 60 paar, 65 paar, 70 paar, 75 paar, 80 paar, 85 paar’…. Now, we will make 87 paar also. Narendra Modi has decided that he will ensure that he reaches a century of rupees,” the Congress leader said.
“If Narendra Modi is asked about the falling rupee, he can blame (first prime minister Jawaharlal) Nehruji for it,” she said.
Shrinate also shared a pie chart, highlighting the percentage by which the value of the rupee fell during the tenures of various prime ministers over the years.
She claimed that when the British left the country, the value of one US dollar was Rs 3.31 and that the rupee fell by 2 per cent in 17 years under Nehru.
“There was no decline in the value of the rupee during Lal Bahadur Shastri’s government. When Indira Gandhi became the prime minister for the first time, her contribution to the fall of the rupee was 5 per cent. The rupee depreciated by 5 per cent during Indiraji’s second tenure too. It depreciated by 6 per cent during Rajiv Gandhi’s tenure. The rupee fell by 6 per cent during the one-year tenure of VP Singhji,” she said.
P V Narasimha Rao found the economy in a bad shape and had to bring in major reforms in 1991. During his rule, the rupee depreciated by 17 per cent, Shrinate said.
“Atalji took the rupee past 45 in six years and his contribution to the total decline is approximately 11 per cent. Dr. Manmohan Singh got the rupee at 45 in 2004 and in 2007, he had strengthened the rupee and taken it to 41.
“During the global financial crisis and economic depression of 2008, the Indian rupee fell to only 48. In 2012, when the taper tantrum happened and the emerging market currencies started falling, the rupee fell from 58 to around 69. But within four months, the Congress government brought the rupee back from 69 to 58,” she said.
The Congress handed over the rupee to Modi at 58.4, with which he is trying to score a century, Shrinate said.
“Modi has contributed 34 per cent to the fall of the rupee so far and during his 10-year tenure, the value of the rupee has fallen by 50 per cent,” she added.
The Congress leader also pointed out that the foreign exchange reserves have reached its lowest level in 10 months — from USD 704 billion on September 27, 2024 to USD 635 billion on January 10, 2025.
“We only ask four questions — does the Modi government realise what a depreciating rupee is doing? Does it have any plan to resurrect the rupee?” she asked.
“For how long are we going to spend our precious forex reserves to control and strengthen the rupee, something the Modi government is not being able to do? Does it realise for once and for all that a falling rupee contributes to a high inflation and does it have any plan to bring respite to the common people of this country?” Shrinate asked.
The rupee appreciated 18 paise to 86.26 against the US dollar in the morning trade on Friday, supported by positive domestic equities and a soft American currency index. On Thursday, the rupee declined 9 paise to settle at 86.44 against the US dollar.
