Rupee at record low reflects failure of BJP's economic claims: Akhilesh

The former UP chief minister alleged that the ruling party could not deny its responsibility for the situation, asserting that the fall in the rupee was a result of a 'weak and failed government'

Samajwadi Party president Akhilesh Yadav on Sunday alleged that the rupee hitting a record low against the US dollar exposed the falsity of the BJP-led government's claims on the state of the economy.

In a post on X, Yadav said the sharp weakening of the rupee was proof that all figures and assertions being made by the BJP government regarding economic strength were "completely false and fabricated."  "The rupee becoming the weakest against the dollar in history shows that all the data and claims made by the BJP government about the economy are entirely untrue and concocted," he said.

The former Uttar Pradesh chief minister alleged that the ruling party could not deny its responsibility for the situation, asserting that the fall in the rupee was a result of a "weak and failed government."  The party chief added, "The BJP cannot deny that this is happening because of an extremely weak and unsuccessful government. The unique economic formula linking the fall of the rupee with the government is the BJP's own creation."  He took a swipe at the ruling party and said, "If the BJP goes, the rupee will become strong."  On December 12, the rupee depreciated by 17 paise to close at an all-time low of 90.49 against the US dollar, as uncertainty over the India-US trade deal and persistent foreign fund outflows dampened investor sentiment.

Forex traders said the rupee is under pressure, largely due to aggressive dollar purchases by importers amid surging global precious metal prices.

At the interbank foreign exchange, the rupee opened at 90.43 on Friday against the US dollar, then fell further to a record intra-day low of 90.56 against the greenback, registering a fall of 24 paise from its previous close.

The unit settled the day at 90.49 against the US dollar, down 17 paise over its last close.