Congress general secretary in charge of communications, Jairam Ramesh, has criticised Prime Minister Narendra Modi over the recent depreciation of the Indian rupee, reminding him of comments made by Modi when he was the Chief Minister of Gujarat. Ramesh pointed out that Modi had strongly condemned the falling value of the rupee in 2013, accusing the then-government of failing to manage the currency crisis effectively. At that time, Modi referred to the leadership in Delhi as “directionless” and “hopeless” for not addressing the country’s economic troubles, including the rupee’s depreciation.

Ramesh compared the rupee’s current state to that of 2014, when the currency closed at Rs 58.58 per US dollar. As of the latest figures, the rupee has plummeted to an all-time low of 85.27 per dollar, making it the worst-performing currency in Asia. Ramesh also highlighted that the Reserve Bank of India (RBI) had spent billions of dollars from India’s foreign exchange reserves to stabilise the rupee, but to little effect. He questioned the government’s inaction despite the ongoing crisis.

The Congress leader’s remarks come at a time when the rupee has been under significant pressure due to a combination of factors, including a widening trade deficit, slowing growth, and significant portfolio outflows. According to FX advisory firm CR Forex, foreign portfolio investors have pulled out more than $10 billion in the current quarter, further straining the rupee. Ramesh’s comments underline the growing concerns over India’s economic situation and the government’s handling of the currency crisis.

On Monday, the rupee showed a slight recovery, trading at 85.4750 per US dollar, up from its previous close of 85.5325. The rupee benefited from a general uptick in Asian currencies, although concerns remain regarding its longer-term stability. The Reserve Bank of India’s interventions have helped curb some of the losses, but traders remain worried about the lack of consistent support for the rupee.

Despite last week’s slump, the rupee has fared better than many of its regional peers in the December quarter, down 1.8% so far, while other currencies have weakened by up to 11.2%. However, market analysts expect the rupee to continue trading within the 85.20-85.80 range in the near term, given the prevailing economic challenges.