The rupee’s value is falling against the dollar, and the Congress today criticised the government for it, claiming that Prime Minister Narendra Modi only needs to stop the rupee from scoring a century.
In early trading today, the rupee increased by 37 paise to 81.30 against the US dollar. It then stabilised in a constrained range and ended the day 9 paise higher at 81.58 (provisional) against the US dollar.
Congress spokesman Supriya Shrinate claimed the rupee is rapidly heading near 82 against the dollar for the first time in history while speaking at a press conference at the party’s headquarters in this city.
‘Modi Ji’s blessings have caused the rupee to weaken to its lowest level in history, and he who claimed (before taking office) that the fall in the value of the rupee is directly linked to the fall in the Prime Minister’s credibility must realise that his own credibility is in a bottomless pit,’ Ms. Shrinate said.
‘When Modi Ji became prime minister for the first time on May 26, 2014, the rupee’s value was 58.62 versus the US dollar, meaning that under his administration, the rupee’s value has declined by 41.5%,’ she stated.
According to Ms. Shrinate, India’s foreign exchange reserves, which were at USD 642 billion in September 2021, are now at USD 545.65 billion.
The nation’s foreign exchange reserves stood at USD 571 billion just one month ago. She stated that it has now decreased to USD 545 billion, a decrease of USD 26 billion in a month.
‘The real question is, how does the rupee’s decline impact your finances and you personally? The rupee’s decline results in higher import prices. If anything costs USD 1, we had to pay Rs 73 in September 2021, and now we have to pay Rs 82, which is an extra Rs 9, ‘ Shrinate made a mention.
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