New Delhi Aug 14 (IANS) As the Indian rupee fell to Rs 69.98 against the US dollar Congress on Tuesday said Modinomics has wreaked havoc for Indias economy and that a falling rupee is the symbol of the failures and economic mismanagement of the Modi government.
Congress hoped that Prime Minister Narendra Modi would now make a comprehensive statement on the immediate steps that the government is going to take.
Fears over a rise in global protectionist measures along with a strong US economy dragged the Indian rupee to a fresh intra-day low of over 70 against the US dollar on Tuesday before recovering by a fraction at Rs 69.98.
Congress spokesperson Randeep Singh Surjewala said Modinomics has wreaked havoc for India s economy and left it in dire straits.
"A falling rupee is the stark symbol of the abject failures and economic mismanagement of the Modi government he said.
"Demonetisation implementation of a flawed GST tax terrorism low growth low investment no jobs and now rising inflation are the myopic ad hoc economic policies that have become the identity of the Modi government " said Surjewala.
"Rupee is now trading at an historic low. What the Congress could not achieve in 60 years Modi and his careless economic policies have achieved in 60 months " he added.
Surjewala said the rupee has lost almost 10 per cent of its value in 2018. "The rupee has become Asia s weakest currency under this government " he said.
"Even as Modi government is busy blaming global factors for a falling rupee it is worth recalling that during the massive Global Financial Crises of 2008 the previous Congress-UPA government had managed the economy despite numerous global pressures " he added.
He also said foreign investors are consistently losing confidence in government policies.

--IANS sid/prs