Rupee Nears 90-to-a-Dollar Mark, Congress Taps Modi’s 2013 Taunt
Opposition reminds PM of his “whose dignity falls faster” jibe as currency slides again
Mumbai, 24 November – The Indian rupee opened weak at 89.46 to the US dollar on Monday, then clawed back 49 paise to 89.17, a day after its steepest single-day drop in three years. Friday’s 98-paise crash took the rupee to a record closing low of 89.66, and dealers say the 90 level may be tested soon if global demand for dollars stays strong.
The slide has given the Congress fresh ammunition. Party communications chief Jairam Ramesh posted on X: “The rupee is in free fall and about to breach 90 to a dollar. The PM must recall his own words from 2013.” Ramesh attached a 2013 clip of then Gujarat chief minister Narendra Modi mocking the UPA government: “Sometimes it feels the rupee and the Delhi government are competing to see whose dignity drops faster.”
Forex analysts blame Friday’s rout on heavy dollar buying by importers, foreign funds pulling out of local shares, and worries over global trade. The last time the rupee fell almost a rupee in a day was on 24 February 2022, when it lost 99 paise.
In the Gulf remittance market, the dirham has also gained ground: one UAE dirham now fetches 24.29 rupees, hurting families that depend on money sent from the Emirates.
The Reserve Bank of India is widely expected to step in with dollar sales to calm the market, but traders warn any fresh global shock could push the rupee past the 90 mark this week.
