NCP asks Finance Minister Nirmala Sitharaman to explain why rupee has fallen to all-time low against USD

Union Finance Minister Nirmala Sitharaman. File Pic

The Nationalist Congress Party (NCP) on Monday asked Union Finance Minister Nirmala Sitharaman to explain why the rupee has fallen to an all-time low against the US dollar.

The rupee depreciated 43 paise to an all-time low of 81.52 against the US dollar in early trade on Monday as the strengthening of the American currency and risk-averse sentiment among investors weighed on the local unit.

At the interbank foreign exchange, the rupee opened at 81.47 against the greenback, then fell to 81.52, registering a fall of 43 paise over its previous closing.

The Sharad Pawar-led NCP targeted Sitharaman for her remarks made at a press conference in Pune on Saturday that the rupee has "held back very well" against the US dollar when compared to other currencies.

Also Read: Time has come for everyone to work towards ensuring change of govt in 2024: NCP chief Sharad Pawar

"Can she explain why the rupee has fallen to an all-time low of 81.47 against the US dollar? If she concentrates more on the finance ministry and less on Baramati, may be she can,'' NCP national spokesman Clyde Crasto said in statement.

Against the backdrop of the rupee dropping to a lifetime low against the greenback, Sitharaman on Saturday said the Reserve Bank and the finance ministry are keeping a very close watch on the situation.

"If any one currency which has held its own and did not get into fluctuation or volatility as much as other currencies, it is the Indian rupee. We have held back very well," she had told reporters in Pune at the end of her three-day tour of Baramati last week.

The tour was part of the BJP's campaign to strengthen itself in 144 Lok Sabha constituencies where it is weak, ahead of the 2024 general elections.

Out of these 144 seats, 16 are in Maharashtra, including Baramati, the Pawar family bastion. NCP leader and Sharad Pawar's daughter Supriya Sule represents Baramati in the Lok Sabha.

This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever.