Modiji has finally managed to do something that we couldn’t do in 70 years: Congress on Rupee fall

The Indian Rupee Tuesday collapsed to a lifetime low of 70.09 against the US dollar on Tuesday.

Modiji finally managed to do something that we couldn't do in 70 years: Congress on Rupee fall

The rupee crashed to a historic low amid fears that Turkish economic crisis could lead to a global financial meltdown

As the Indian Rupee Tuesday collapsed to a lifetime low of 70.09 against the US dollar, Congress took a swipe against the Modi government for “finally doing something” that they couldn’t in the past 70 years. “Modiji finally managed to do something that we couldn’t do in 70 years,” the Congress tweeted, sharing a screenshot of the exchange value.

Congress spokesperson Randeep Singh Surjewala also took potshots at Modi government over the weakening rupee. “For the first time in 70 years, rupee breached the mark of 70,” he tweeted, adding that PM Modi who keeps talking about the past 70 years of India, managed to achieve a feat that they couldn’t in the past 70 years.

Follow Markets LIVE Updates: Sensex rebounds after Rupee crash

Party leader Jyotiraditya Scindia also questioned when the prime minister and the ruling party will take “responsibility for the deplorable state of the economy that their policies have created?” “The Rupee and the Modi government hit a record low, adding to the farmer suicides, scarce job creation, and rampant unemployment that abound,” he wrote on Twitter.

Modiji finally managed to do something that we couldn’t do in 70 years. pic.twitter.com/jCFH79YrCQ

— Congress (@INCIndia) August 14, 2018

The rupee crashed to a historic low amid fears that Turkish economic crisis could lead to a global financial meltdown. The rupee slipped as much as 0.2 per cent to 70.08 per dollar in Mumbai and is down almost 9 per cent this year in Asia’s worst performance. The rupee has been among the hardest hit in Asia from the recent Turkey-led sell-off in emerging assets, thanks to a wide current-account deficit that’s already strained by higher oil prices. A weaker rupee could complicate the Reserve Bank of India’s job of keeping inflation in check

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