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Manage economy, not media headlines: Rahul Gandhi targets PM Modi as Rupee hits all-time low

Modi ji, you used to criticise Manmohan ji when ₹ fell. Now ₹ is at its lowest ever value. But I won't criticise you blindly, Rahul Gandhi wrote on Twitter.

Shashwat Bhandari Written by: Shashwat Bhandari @ShashBhandari New Delhi Updated on: May 09, 2022 20:13 IST
Congress leader Rahul Gandhi.
Image Source : PTI

Congress leader Rahul Gandhi.

Highlights

  • Rupee slumped by 54 paise to close at a record low of 77. 44 against US dollar
  • Rupee has been under-pressure after global central banks started normalising policy
  • On Friday, the rupee had slumped 55 paise to close at 76.90 against the US dollar

Congress leader Rahul Gandhi once again upped the ante against PM Modi over falling value of Rupee saying focus on managing our economy, not media headlines.

Taking to Twitter, Rahul Gandhi said, "Modi ji, you used to criticise Manmohan ji when ₹ fell. Now ₹ is at its lowest ever value. But I won't criticise you blindly. A falling ₹ is good for exports provided we support exporters with capital and help create jobs."

"Focus on managing our economy, not media headlines," Rahul Gandhi said.

Rupee hits all-time low

The Indian rupee extended its losses and touched an all-time low of 77.42 against the US dollar in early trade on Monday.

The Indian currency is weighed by the strength of the American currency in the overseas market and continued foreign fund outflows. Further, rupee slipped on surge in crude oil prices.

Foreign institutional investors were net sellers in the capital market on Friday, as they offloaded shares worth Rs 5,517.08 crore, as per stock exchange data. They have been selling equities constantly in the recent months.

Rupee has been under-pressure after global central banks started normalising policy and last week RBI too started raising key interest rates.

On Friday, the rupee had slumped 55 paise to close at 76.90 against the US dollar.

"Local units are also hit by haven dollar flows, higher global rates due to rising inflation and risk-off sentiments. Weakness in Chinese yuan, which fell to its weakest level since November 2020, also weighing on regional currencies," said Dilip Parmar, Retail Research Analyst at HDFC Securities.

So far this year, foreign institutions have withdrawn a total of nearly $19 billion from domestic equities and debt markets, Parmar said.

Parmar sees near term depreciation in rupee could continue for a few more days with lower side limited in the range of 77.70 to 78. In the event of unwinding, the rupee could see levels of 77 to 76.70.

According to Sugandha Sachdeva, VP-Commodity and Currency Research at Religare Broking, the Indian rupee has plummeted to record lows amid the deteriorating risk sentiments and the unrelenting spree of overseas outflows from the domestic equities.

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