The Indian rupee on Thursday touched an all-time low while crossing the 69 per dollar mark understandably due to high crude oil prices and weak macro-economic fundamentals.
At 2.44 p.m., rupee was at 68.92 against the previous closing level of 68.61 per greenback. The rupee’s last record low was 68.87 per dollar, hit on November 24, 2016.
Quoting analysts, IANS news agency reported that the demand for dollar was firm due to recent rise in crude oil prices. Also expectation of a wider current account deficit in the ongoing financial year (2018-19) further weakened the rupee.
“The Indian rupee fell to a lifetime low today due to serval factors like rising dollar and crude aided by a wider current account deficit and continuous outflow from FIIs (Foreign Institutional Investors) pushed the currency lower,” Rahul Sharma, senior research analyst at Equity99, was quoted by IANS.
The Congress were quick to use the opportunity to embarrass Prime Minister Narendra Modi by reminding his old attack against the then prime minister, Manmohan Singh, every time the value of rupee depreciated. Leading the attack was the party’s chief spokesperson, Randeep Surjewala, who tweeted mockingly, “You mocked Dr. Manmohan Singh comparing his age to the value of depreciating ₹, which never really fructified. Now, ₹ is at a historic low of ₹68.61 to 1$, surpassing your age. When will it be restored to ₹45 to 1$ as you promised?”
Modi was always vocal and routinely attacked Singh for the falling value of rupee during his term as India’s prime minister. Modi also often ridiculed the then prime minister’s credential as a reputed economist. Here are few famous tweets by Modi on the falling value of rupees while in opposition.
“There is a comp between Congress and the Rupee. Who will fall lower, that is the competition” : 23 June 2013
When we got freedom, Re 1 was equal to $1. Today see the prices…the rupee is falling: 14 July 2013
In Atal ji’s time what was Rupee position and what happened under economist PM? Where were prices then and where now? How many roads built?: 14 July 2013
PM ji, you mentioned Narasimha Rao ji but the way Rupee is falling, who is responsible: 15 August 2013
Rupee is in ICU so we thought we must raise the money for prize: 5 September 2013
Question for Congress is – do we save the Government or the falling Rupee: 10 September 2013
Rupee is crumbling against the Dollar. Rupee is in the ICU due to Congress: 14 November 2013
Despite all this, Atal ji did not let value of the Rupee fall. The economy was strong. But see what is happening today under economist PM: 25 November 2013