‘Modi did what we couldn’t in 70 years’: Congress’ jibe over rupee slump | Latest News India - Hindustan Times
close_game
close_game

‘Modi did what we couldn’t in 70 years’: Congress’ jibe over rupee slump

Hindustan Times, New Delhi | ByHT Correspondent
Aug 14, 2018 03:05 PM IST

The Congress took on the Modi government after the Indian rupee hit a record low of 70 to the dollar on Tuesday as emerging market currencies were sold off by investors spooked by the Turkish financial crisis.

The Congress on Tuesday took a dig at the Modi government as the rupee hit at all time low of over 70 against the US dollar.

The government blamed “external factors” for the rupee’s fall to an all-time low against the US dollar, with Economic Affairs Secretary Subhash Chander Garg saying these factors may ease soon.(File Photo)
The government blamed “external factors” for the rupee’s fall to an all-time low against the US dollar, with Economic Affairs Secretary Subhash Chander Garg saying these factors may ease soon.(File Photo)

“Modiji finally managed to do something that we couldn’t do in 70 years,” the party said in a tweet on its official account, attaching a screenshot of the high and lows of the exchange value since July 16.

Hindustan Times - your fastest source for breaking news! Read now.

The Indian rupee and 10-year bond prices rose on Tuesday after retail inflation slowed to a nine month low, providing comfort to the government and Reserve Bank of India.

However, the rupee erased all morning gains to hit an all-time low of over 70 a dollar. At 10:35 am, the rupee was trading at 70.07 a dollar, down 0.21% from its previous close of 68.93. The home currency opened at 69.84 and touched a high of 69.75 a dollar.

Saying there was “nothing to worry”, the government blamed “external factors” for the rupee’s fall to an all-time low against the US dollar, with Economic Affairs Secretary Subhash Chander Garg saying these factors may ease soon.

“Rupee is depreciating due to external factors,” he said. There is “nothing at this stage to worry”.

Unveiling Elections 2024: The Big Picture', a fresh segment in HT's talk show 'The Interview with Kumkum Chadha', where leaders across the political spectrum discuss the upcoming general elections. Watch now!

Get Current Updates on India News, Election 2024, Mukhtar Ansari Death News Live, Bihar Board 10th Result 2024 Live along with Latest News and Top Headlines from India and around the world.
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Friday, March 29, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On