As the Rupee dropped to a record low of Rs 73.77 against the US dollar, Congress president Rahul Gandhi Thursday said the Indian currency was not breaking, but was “broken”.
The rupee on Thursday slipped to a fresh low of 73.77 against the US dollar, as global oil prices continued to rise, deepening concerns about the current account deficit and capital outflows.
It opened the day’s trade at the Inter-Bank Foreign Exchange Market at 73.67 to a dollar from its previous close of 73.34.
At 9.50 a.m., the rupee stood at 73.65 and it further plunged to 73.77.
“Breaking: Rupee slips to 73.77. It’s not breaking – it’s Broken,” Gandhi posted on Twitter.
#Breaking: Rupee slips to 73.77
It’s not breaking – it’s Broken.#Rupee
— Rahul Gandhi (@RahulGandhi) October 4, 2018
Senior Congress leader Shashi Tharoor also attacked the government over the falling rupee saying that the Indian currency is the worst performing currency in Asia.
“One more to add to the list of this Modi Govt’s triumphs: the Indian rupee is Number 1 — of Asia’s worst performing currencies!,” he tweeted.
— Shashi Tharoor (@ShashiTharoor) October 3, 2018
On Wednesday, Gandhi had slammed Prime Minister Narendra Modi questioning his silence over the falling value of the Indian Rupee.
He had tweeted in Hindi that fuel and gas prices were on the boil and there was an outcry in the public, and asked till when the Prime Minister would be on silent mode.
“The rupee has crossed the 73 mark and price rise is causing an outcry. Fuel and gas prices are on fire and markets are scurrying. Till when will the 56-inch chest be on ‘silent mode’,” he tweeted asking what happened to the promise of ‘achche din’.
Consistent dollar demand from importers following higher crude oil prices have kept the rupee under pressure.
State-owned oil marketing companies have been allowed to raise USD 10 billion from overseas market to meet their working capital needs.