'Would PM Modi say anything on this?': Kharge on falling rupee, declining forex reserves

Mallikarjun Kharge claimed that there was a decline of USD 85 billion in the forex reserves in the first half of the fiscal and alleged that India's forex store dipped faster than its peers

Image courtesy: ANI

New Delhi: Congress president Mallikarjun Kharge demanded answers from the prime minister and the finance minister on Thursday, October, 2022, over a sharp decline in India's foreign exchange reserves in the first half of the financial year and alleged that the rupee is amongst the most depreciated currencies in the emerging markets. Alleging that India's forex store dipped faster than its peers, Kharge claimed that there was a decline of USD 85 billion in the forex reserves in the first half of the fiscal.

He also shared a chart showing a fall in the foreign exchange reserves as compared to other countries and also highlighting the Indian rupee falling by 10.2 per cent against the British pound strengthening by 20.2 per cent, Euro strengthening by 16 per cent and the Australian dollar by 15.3 per cent.

➤ India's forex reserves declined by nearly $85 billion in the first half.

➤ In emerging markets, the Indian rupee is amongst the most depreciated currencies.

Would the Finance Minister or the PM have anything to say on this? pic.twitter.com/x9LgqmwjbH — Mallikarjun Kharge (@kharge) October 27, 2022

"India's forex reserves declined by nearly $85 billion in the first half. In emerging markets, the Indian rupee is amongst the most depreciated currencies. Would the Finance Minister or the PM have anything to say on this?" Kharge asked on Twitter. "India's forex store dips faster than peers," he said.

Congress has been attacking the government over the declining value of the Indian rupee and the fall in the country's foreign exchange reserves.