NCP asks Finance Minister Sitharaman to explain why rupee has fallen to all-time low against U.S. dollar

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 U.S. dollar.

The rupee depreciated 43 paise to an all-time low of 81.52 against the U.S. dollar in early trade on September 26 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 Ms. Sitharaman for her remarks made at a press conference in Pune on Saturday that the rupee has “held back very well” against the U.S. dollar when compared to other currencies.

“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, Ms. 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.