Every time the rupee moves towards ₹90 per dollar, a familiar chorus starts: “Modi destroyed the rupee.”
This sounds dramatic, but it ignores basic economics, global shocks, and India’s own history.
Here’s a simple, fact-based breakdown.
10 Key Points
1. Rupee has always fallen vs dollar
Under every government, INR has depreciated because India has higher inflation and imports a lot (oil, defence, machinery).
2. Rate of fall is similar to UPA years
The percentage depreciation in the last decade is broadly in line with 2004–2014.
3. Dollar is unusually strong
The US dollar has surged against most world currencies, not just the rupee.
4. Look at a basket, not just USD
Against a group of major currencies, the rupee has done better than the USD-only headline suggests.
5. Forex reserves are near record highs
A “collapsing” currency doesn’t usually coexist with one of the world’s largest FX reserves.
6. Growth is among the highest globally
India is still one of the fastest-growing major economies, even with a weaker rupee.
7. Inflation is largely contained
No hyperinflation, no currency crisis — just normal emerging-market pressures.
8. Global shocks matter
Tariffs, foreign outflows, oil prices and wars hit all emerging markets, not only India.
9. RBI follows a managed float
The central bank lets INR move gradually and steps in mainly to smooth volatility.
10. Artificially “strong” rupee is worse
Forcing a high rupee level would kill exports, jobs and growth, just to look good on Twitter.
Summary
Attacking only the Modi government for INR/USD levels is more about politics than economics.
The rupee’s slide is part historical, part global, and partly a deliberate choice to protect growth and jobs.
Context, not propaganda, tells the real story.
