Rupee’s fall sparks a war of words between the ruling party, Opposition
Live MintThe Indian rupee's depreciation beyond ₹86 against the US dollar on Monday sparked a war of words between the ruling Bharatiya Janata Party and the opposition Congress party over the currency's economic performance during their respective terms. Congress leader Jairam Ramesh took a dig at Prime Minister Narendra Modi on social media platform X over the currency's depreciation, questioning Modi's commitment to making the South Asian currency stronger. BJP's IT cell head Amit Malviya, in turn, said despite the depreciation, the rupee remains one of the most stable currencies globally, bolstered by improved external conditions, reduced current account deficits, and strong foreign exchange reserves, with its depreciation over the past year outperforming other major currencies. News agency PTI reported on Monday that the rupee logged its steepest fall in nearly two years, plunging 55 paise to hit a historic low of 86.59 against the US dollar during mid-session due to the strengthening of the American currency and surging crude oil prices.