Bombay:
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 against the US dollar during early trading Monday to an all-time low of 81.52 against the US dollar as the strengthening of the US currency and risk-averse investor sentiment weighed on the local unit.
On the interbank currency exchange, the rupee opened at 81.47 against the greenback and then fell to 81.52, registering a 43 paise drop from the previous close.
The Sharad Pawar-led NCP turned to Ms. Sitharaman over comments she made at a press conference in Pune on Saturday that the rupee “has held up very well” against the US dollar against other currencies.
“Can she explain why the rupee has fallen to an all-time low of 81.47 against the US dollar? If she focuses more on the Treasury Department and less on Baramati, she may be able to,” NCP spokesman said. Clyde Crasto in a statement. .
Against the backdrop of the rupee falling to a low against the dollar, Ms. Sitharaman said on Saturday that the Reserve Bank and the Treasury Department are closely monitoring the situation.
“If there’s one currency that has held up and hasn’t fluctuated or gained volatility as much as other currencies, it’s the Indian rupee-day tour of Baramati last week.
The tour was part of the BJP’s campaign to bolster itself in 144 Lok Sabha constituencies where it is weak ahead of the 2024 general election.
Of these 144 seats, 16 are in Maharashtra, including Baramati, the bastion of the Pawar family.
NCP leader and Sharad Pawar’s daughter Supriya Sule represents Baramati in the Lok Sabha.
(This story was not edited by DailyExpertNews staff and was generated automatically from a syndicated feed.)