Mallikarjun Kharge blames government's 'rank incompetence' for steep slide in rupee

New Delhi: Congress president Mallikarjun Kharge on Tuesday attacked the Modi government over the steep slide in the rupee, and said people want the Indian economy to be saved from their "disastrous policies".

People are also suffering due to price rise and unabated inflation and their lives have become miserable, he charged.

"Narendra Modi ji, Your government is unable to arrest the steep slide of the ever-weakening Rupee which has breached the 86.50 mark now. The people of India are suffering the massive repercussions of this rank incompetence," he said in a post on X.

The rupee logged its steepest fall in nearly two years, plunging 55 paise to hit a historic low of 86.59 against the US dollar during mid-session on Monday due to the strengthening of the American currency and surging crude oil prices.

However, the rupee rebounded from its lowest-ever level and appreciated 21 paise to 86.49 against the US dollar in early trade on Tuesday on the back of retreating American currency and easing crude oil prices.

Kharge also said that the country's forex reserves have fallen to a 10-month low and the massive withdrawal of foreign capital from Indian equities has contributed to the highly negative sentiments.

Investors lost Rs 24.69 lakh crore in wealth in four days of market slump due to unabated foreign fund outflow and steep fall in rupee, the Congress chief claimed..

"Increased import costs, especially of crude oil, rising production costs is resulting in skyrocketing price rise impacting the poor and middle class," he said.

India's widening trade deficit due to rising import costs and stagnant exports has impacted the balance of payments and weakened the economy, he noted.

"No matter how much you try to whitewash, the REALITY is that HIGH INFLATION is biting every single paisa out of the pockets of our people, and making their lives MISERABLE! "People have already suffered enough from your 'risk-taking capacity' and want the Indian economy to be saved from your disastrous policies!" Kharge added.