The Indian rupee plunged to a fresh historic low against the US dollar on Thursday, breaching the 90.43 mark and reigniting a political storm. The opposition, led by Congress MP Priyanka Gandhi Vadra, seized the moment to remind Prime Minister Narendra Modi of his own sharp criticism from a decade ago when the currency was under similar pressure.
Priyanka Gandhi's Sharp Retort to Rupee Slide
When questioned by reporters on Thursday about the rupee's decline past the 90 threshold, Priyanka Gandhi Vadra pointedly redirected the query. She invoked Prime Minister Modi's 2013 remarks targeting the then-PM, Dr. Manmohan Singh, over a falling rupee. "What did they use to say when Dr. Manmohan Singh was prime minister? What is their response today? Ask them. Why are you asking me?" she stated, refusing to comment directly.
Her reference was to an event on August 24, 2013, when Narendra Modi, then the Chief Minister of Gujarat, launched a scathing attack on the Manmohan Singh-led government. He had said, "There was a time when the Indian rupee was making a lot of noise. But today it has lost its voice. And similarly, we are unable to hear the voice of our prime minister. Both have turned mute." Modi had further dramatized the situation by claiming, "Today, our currency is on its deathbed. It is in the terminal stage and urgently needs the attention of a doctor."
Rupee's Steady Descent to a New Record Low
The political fire was fueled by the rupee's continued weakness. On Wednesday, the domestic currency crossed the psychological level of 90 against the greenback. The decline accelerated on Thursday morning, with the rupee sliding another 28 paise in early trade to hit an unprecedented intraday low of 90.43 against the US dollar.
This prompted the broader opposition to collectively question the Prime Minister, using his own past words as ammunition. The sharp depreciation has brought the focus back on economic management and external sector vulnerabilities.
Government's Calm Stance: "Not Losing Sleep"
In contrast to the political furore, the government's top economic advisor presented a composed front. Chief Economic Adviser V. Anantha Nageswaran asserted that the government is "not losing sleep" over the rupee's depreciation.
Speaking on the sidelines of a business event in New Delhi, Nageswaran downplayed the immediate impact, stating that "the falling rupee is not affecting inflation or exports" significantly at present. He conveyed a sense of cautious optimism, expressing hope that the currency situation would see improvement in the coming year, according to a PTI report.
The contrasting narratives highlight the deep political divisions over economic performance. While the ruling dispensation advocates patience and highlights global headwinds, the opposition is leveraging historical parallels to question the government's track record on a key economic indicator.
