New Delhi: The Indian rupee slipped to an unprecedented low of 90.24 against the US dollar on Wednesday, December 3, drawing political reactions with opposition leaders using the currency’s decline to question Prime Minister Narendra Modi’s handling of the economy.
The latest fall comes amid sustained pressure on the currency despite the Reserve Bank of India’s continued intervention in recent weeks.
Opposition leaders react:
Trinamool Congress (TMC) leader Sagarika Ghose was among the first to respond, drawing a direct comparison with comments Modi made as Gujarat Chief Minister in 2013 when the rupee touched 60. “Rupee breaches 90 to the $ FOR FIRST TIME. When it touched 60 in 2013, then Gujarat CM Narendra Modi had mocked then PM Manmohan Singh in the most crude and vulgar terms. Now as PM what should we say? Who is ‘mute’ and ‘maun’ now, Shri Modi? Or are you waiting for a century?” she wrote on X.
Have a look at her post here:
Congress spokesperson Supriya Shrinate also shared a past quote attributed to Modi, saying, “The way the dollar is strengthening, the rupee is weakening, in such a situation India will not be able to sustain in world trade. Our traders will not be able to bear this burden, but the government in Delhi is not giving any answer.” She added that “today the rupee has crossed 90 due to their grace”.
Have a look:
The Congress party’s official handle joined the criticism, posting, “What is the reason the rupee keeps falling? A question to Prime Minister Narendra Modi.”
Shiv Sena (UBT) leader Aaditya Thackeray joined the criticism, writing, “The Rupee has hit 90+ against the Dollar today. Fares even worse against some other currencies. Not a word from the Finance Minister. In 2014 bjp had promised Achche Din. I guess it was for the others, not Indians. For India, it is spy apps- spy saathi.”
Record-low rupee reflects widening deficits and persistent outflows
The currency’s decline to 90.24 comes after Tuesday’s close of 89.96, with analysts pointing to widening trade and current account deficits, delays in finalising a US–India trade deal, weak portfolio flows and elevated hedging by importers. The RBI stepped in to prevent the rupee from breaching the 90-mark earlier this week, but renewed dollar demand pushed it down again.
The rupee has fallen around 5 percent this year, making it one of Asia’s weakest performers. A surge in imports, particularly gold and silver, alongside falling exports, has widened the merchandise trade deficit to 41.68 billion dollars. Foreign investors have pulled nearly 17 billion dollars from equities so far this year, adding to downward pressure.
Analysts expect the RBI to continue capping sharp movements in USD/INR, although many believe underlying fundamentals may lead to further weakness unless external conditions stabilise.
