Congress targets PM Modi over Rupee’s file single-day fall towards US Greenback

“Our Foreign exchange Reserves have fallen to a 10-month low. Huge withdrawal of Overseas Capital from Indian equities has contributed to extremely damaging sentiments. Traders misplaced ₹24.69 lakh crore in wealth in 4 days of market hunch as a consequence of unabated international fund outflow and steep fall in Rupee. Elevated import prices, particularly of crude oil, rising manufacturing prices is leading to skyrocketing Value Rise impacting the poor and Center Class,” Kharge wrote on X.

On Monday, the Rupee skilled a file single-day fall of 66 paise towards the US Greenback, reaching a historic low of 86.70, marking the primary important decline since February 6, 2023, when it fell by 68 paise.

Kharge claimed that India’s stability of funds has been adversely affected by the commerce deficit stemming from excessive import prices, additional weakening the economic system.

“Regardless of how a lot you attempt to whitewash, the fact is that top inflation is biting each single paisa out of the pockets of our individuals, and making their lives depressing!” he added.

He additional acknowledged that individuals are struggling as a consequence of PM Modi’s “risk-taking capability” and need to save the Indian economic system from his “disastrous insurance policies.”

No fast response was obtainable from the Bharatiya Janata Celebration (BJP) to Kharge’s expenses.

Notably, authorities knowledge launched on Monday indicated that retail inflation declined to a four-month low of 5.22% in December. In the meantime, the patron worth index (CPI) inflation sharply decreased after peaking at a 14-month excessive of 6.21% in October, standing at 5.48% in November.