Congress targets PM Modi over falling rupee, demands action plan

The Congress party on Friday criticised Prime Minister Narendra Modi over the depreciation of the Indian rupee against the US dollar, calling on him to present a concrete plan to address and strengthen the currency’s declining value. “PM Modi himself said that ‘as the rupee depreciates, the dignity of the Prime Minister and the grace of their office also decline’. The rupee now hovers around 87 to a dollar, a sharp fall from the 58 to a dollar rate when it was handed over to him in 2014. It seems like PM Modi has made up his mind to let the rupee hit a century,” Congress spokesperson Supriya Shrinate said during a press conference in New Delhi.

The Bharatiya Janata Party (BJP) is yet to reply to the allegations. The story will be updated once BJP comments. Shrinate said that despite the reserve bank of India (RBI) spending over $80 billion from the country’s foreign exchange reserves since September 2024 to control the depreciation, the rupee continues to decline.