Friday, 27 December 2024
Friday, 27 December 2024
The rupee stayed weak for the third straight session and fell 12 paise to settle at a fresh all-time low of 85.27 (provisional) against the US dollar on Thursday.
At the interbank foreign exchange, the rupee opened weak at 85.23 and touched the lowest-ever level of 85.28 against the greenback during intraday trade.
The unit finally ended the session at its lifetime low closing level of 85.27 (provisional) against the dollar, registering a loss of 12 paise from its previous close.
The rupee fell 4 paise to settle at 85.15 against the US dollar on Tuesday, a day after losing 9 paise on Monday.
It is now widely accepted that the Indian rupee is the worst-performing Asian currency. Against this backdrop, here are six quotes from Narendra Modi – before he became prime minister – explaining how the government is responsible for the slide and slide of the currency.
‘Under this government the rupee kept falling’
On February 28, 2014, during a rally in Hubli, Karnataka, Modi had said: “Our country’s rupee is tottering. The value of the rupee is continuously falling. During Atal ji’s government, rupee was at 40-45 [per dollar] and under this government the rupee kept falling, 62, 65, 70…. Import kept increasing, export kept decreasing…. A sensible government’s job is to increase exports and decrease imports.”
The video is still available on Narendra Modi’s YouTube channel
‘Rupee is in hospital, admitted to ICU’
Sometime in 2013, Narendra Modi had said in Hindi at an event: “If we are elected we will reduce the inflation in 100 days, they had said, right? What happened? [Gesturing downward motion] What happened to petrol? Friends, be it gas, petrol, diesel, is the price increasing or not? The rupee is in the hospital and is admitted to the ICU. The Indian government has told us in the last three months that the rupee will become fine again, it will become stronger again, but did it happen? They are unable to do so, nor are they able to make decisions. They have lost control over the country.”
‘Once the rupee keeps falling, world powers take advantage’
On August 20, 2013, when the rupee had hit a record low, Modi had told reporters in Hindi: “Crises come, but if during a crisis if the leadership is directionless, hopeless, then the crisis becomes very grave… It is our country’s misfortune that the rulers in Delhi are neither worried about the country’s defence nor about the falling value of the rupee.
“If they are worried, it is only about saving their chair,” he had added. “That is all they are immersed in. And that is why, it does not seem like they can do anything for the country so that the rupee can face up to the dollar with strength. In the last three months, even with the pace at which the rupee is falling the government is not doing anything. Once the rupee keeps falling, the world powers take full advantage of it; the government has totally failed to stop that.”
‘Competition between govt and rupee, whose value is falling faster’
On July 30, 2013, at an event, Modi had said: “Today, the speed at which the value of rupee is falling, at times it seems that there is competition going on between the government in Delhi and the rupee on whose value is falling faster. When the country became independent, $1 was equal to Re 1. One dollar was sold for one rupee. When Atal ji's government was there, when Atal ji formed the government for the first time, the value of rupee had reached Rs 42 and when Atal ji left it reached 44, there was a difference of 4 per cent. But this government has brought it to Rs 60 [per dollar].
The video of that speech is also available on Modi’s YouTube channel.
‘Rupee losing strength… because those sitting in Delhi are busy in corruption’
On July 14, 2013, Modi had posted on Twitter (now X): “Rupee is not losing strength because its size has changed. It is because those sitting in Delhi are busy in corruption: Modi ji”
