Internet erupts with meme fest, jokes after Indian rupee plunges to record low level of 83 against US dollar


The internet on Wednesday erupted with meme fest and cruel jokes after the Indian rupee plunged to a record low level of 83 against the US dollar. This was after the value of the Indian rupee fell by 60 paise amid unabated foreign capital outflows.

rupee dollar

According to news agency PTI, the rupee had moved in a narrow range in the past three sessions on dollar selling by PSU lenders possibly on behalf of the RBI for curbing volatility and the US dollar index hovering near 112 level.

The news of the Indian rupee reaching an all-time low against the US dollar evoked strong reactions from netizens, who began to poke fun at the Centre’s Narendra Modi government and its Finance Minister Nirmala Sitharaman. Sitharaman had recently defended the fall of the Indian rupee against the US dollar saying that this was due to the strengthening of the American currency.

“The Indian Rupee has performed much better than many other emerging market currencies,” Sitharaman had told reporters in the US a few days ago.

Here’s how netizens reactefd;

Narendra Modi had left no stone unturned to embarrass the then Manmohan Singh government for devaluation of the Indian rupee against the US dollar. He had famously likened the plunging value of the Indian rupee to the diminishing reputation of the country. However, many are surprised as to why Modi has failed to prevent the rapid downward slide of the Indian currency during his time as the country’s prime minister in more than eight years.