Mon Jan 13 09:53:00 UTC 2025: ## Rupee Hits Record Low Against Dollar, Sparking Political Jabs
**New Delhi, January 13, 2025** – The Indian rupee plummeted to a historic low of 86.59 against the US dollar on Monday, marking its steepest single-day fall in nearly two years. The decline, attributed to a strengthening dollar and rising crude oil prices, has fueled political sparring.
Congress leader Jairam Ramesh took to X to criticize Prime Minister Narendra Modi, highlighting the rupee’s depreciation since Modi assumed office. Ramesh pointed out that when Modi became Prime Minister at age 64, the rupee stood at ₹58.58 to the dollar. He contrasted this with the current rate, exceeding ₹86, using the situation to criticize Modi’s past pronouncements on strengthening the Indian currency.
The rupee’s fall, which saw a mid-session loss of 55 paise before partially recovering, has raised concerns about the Indian economy. Market analysts attribute the sharp decline to global factors, including the strength of the US dollar and the impact of rising global oil prices on India’s import bill. The ongoing situation continues to be closely monitored.
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