Bengaluru (Karnataka) [India], March 31 : Congress MP Randeep Singh Surjewala on Tuesday slammed the Centre after the rupee crossed the 95-mark against one USD, saying the prestige of the Prime Minister is sliding along with the value of the currency.
Speaking to reporters in Bengaluru, Surjewala recalled PM Narendra Modi's critique of the then PM Manmohan Singh over the depreciating value of the rupee.
"When one USD was equal to Rs 54, the then Gujarat CM Narendra Modi used to tell the then Prime Minister Manmohan Singh that the prestige of the PM falls along with the rupee. Under his Prime Ministership, the rupee has now gone down, with one USD equal to Rs 95. It is destroying exports, affecting industries, and trade. Is the prestige of PM Modi not sliding now?" the Congress leader said.
Karnataka Deputy Chief Minister DK Shivakumar urged the Centre to take stock of the situation and "bring normalcy."
Shivakumar said, " The Rupee has fallen, Dollar has risen. It affects the common man. I don't know the policies of the Central government. We demand that the Central govt needs to control the situation and bring normalcy."
The rupee recently hit an all-time low of 95.23 on Monday, reflecting sharp volatility in both onshore and offshore currency markets. The weakness in the domestic currency comes as Brent crude prices remain above USD 100 per barrel and foreign portfolio investors (FPIs) continue to pull out funds from Indian equities.
According to market data, foreign investors (FPIs) have sold equities worth Rs 1,31,122 crore in March alone, adding significant pressure on the rupee.
The rupee showed some recovery today, opening at 93.58, supported by the Reserve Bank of India's (RBI) directive to cap the net open position in the onshore market at USD 100 million by April 10, but soon the pressure mounted and the rupee touched the 95 mark.
The Indian rupee is expected to remain volatile in the near term and may stabilise in the range of Rs 92.50 to Rs 93.50 against the US dollar, experts said.