The Indian rupee has continued to display pronounced weakness this financial year, slipping nearly 5 per cent against the US dollar and consistently trading above the 90-per-dollar mark in recent days.
The recent depreciation in the Indian Rupee is unlikely to have any significant impact on CPI inflation in the country, as India has a low dependence on imports for food products, highlighted a report by Bank of Baroda.
Congress MP Manish Tewari on Friday moved an adjournment motion in the Lok Sabha, demanding that the poor performance of the rupee be discussed in the Lower House after the Indian currency continued to decline to a new low of 90.43 against the dollar.
The rupee has fallen from Rs 85 to Rs 90 per USD in under a year, far quicker than previous five-rupee intervals, which earlier took anywhere between 581 to 1,815 days. SBI in its report noted this as the second-quickest fall since the 2013 Taper Tantrum.
Leader of Opposition in Rajya Sabha and Congress President, Mallikarjun Kharge, on Thursday criticised the Centre's economic policies as the Rupee plunged to an all-time low against USD, crossing the Rs 90 mark.
Tewari said that during the time of the UPA leadership, the BJP had mocked the government for the falling rate, with BJP spokesperson Ravi Shankar Prasad saying in 2013, "The worth of the Indian rupee against the dollar was equivalent to Rahul Gandhi's age when the United Progressive alli
"If something is heavy it will fall. Our rupee has strength & weight. That's why it's falling," Moitra posted on X, along with a graphic of PM Modi looking down at the falling rate of the rupee.
Congress leader Salman Khurshid on Wednesday said the recent fall of the Indian rupee, which breached the 90 mark against the US dollar, reflects the impact of US sanctions and tariffs.
The Indian rupee plunged to an all-time low against the US dollar on Wednesday, crossing the psychologically significant 90 mark amid foreign fund outflows. The development came amid firm crude oil prices and perceived uncertainty around the India-US trade deal.
Indian equity indices ended Wednesday in negative territory, possibly due to the rupee's weakness against the US dollar, Foreign Institutional Investor (FII) outflows, and ongoing trade uncertainties.
The Indian rupee's recent depreciation against the dollar is temporary and will reverse once India concludes a trade agreement with the United States, according to Anant Goenka, Vice Chairman of RPG Group and President of the Federation of Indian Chambers of Commerce and Industry (FICCI).
Indian rupee breached the 90 mark against USD on Wednesday morning, extending its depreciation run through sessions now, and in the process hitting a fresh all-time low for the Indian currency.