- Home
- Business
Rupee gave 'Supreme Leader' a no confidence: Rahul mocks Modi yet again
Kashmir Times. Dated: 8/15/2018 3:09:36 PM
NEW DELHI, Aug 14 (Agencies): In yet another attack on Prime Minister Narendra Modi, Congress chief Rahul Gandhi on Tuesday said that the national currency has given a ''no confidence to the Supreme Leader'', hours after Rupee plunged to 70.08 - the lowest-ever - against the mighty US Dollar.
The Congress chief took to Twitter and tweeted, ''The Indian #Rupee just gave the Supreme Leader, a vote of NO confidence, crashing to a historic low. Listen to the Supreme Leader's master class on economics in this video, where he explains why the Rupee is tanking.''
In a previous tweet, the Gandhi scion had mocked the Narendra Modi government over its alleged complicity in the Rafale fighter jet deal and questioned the PM's silence on the issue.
He also released a teaser, claiming to explain what the Rafale jet deal was all about.
The remarks from the Congress president came after the Indian Rupee crashed to a historic new low against the mighty US dollar on Tuesday amid fears over a rise in global protectionist measures, along with a strong US economy.
The Rupee, however, recovered by a fraction at Rs 69.98.
Around 11 am, the rupee plunged to 70.08 - lowest-ever - against the greenback.
However, soon afterwards, the Reserve Bank of India (RBI) reportedly intervened to curb the decline in rupee.
The intervention aided the rupee to stabilise just a tad below 70 to a USD at 69.98 around 11.05 am.
"The fear of a rise in global protectionist measures along with a strong US economy pulled the Indian rupee lower to 70.08 during intra-day," said Anindya Banerjee, Deputy Vice President for Currency and Interest Rates with Kotak Securities.
Banerjee predicted an immediate range from Rs 69 to Rs 71 per US dollar. At 1.40 pm, the rupee stood at 69.855 to a US dollar.
The government, on its part, blamed "external factors" for the rupee's fall to an all-time low against the US dollar and said there is nothing to worry.
Economic Affairs Secretary Subhash Chander Garg said external factors may ease going forward.
"Rupee is depreciating due to external factors," he said. There is "nothing at this stage to worry," he added.