(MENAFN- Live Mint) The Indian rupee's depreciation beyond ₹86 against the US dollar on Monday sparked a war of words between the ruling Bharatiya Janata Party and the opposition Congress party over the currency's economic performance during their respective terms.

Congress leader Jairam Ramesh took a dig at Prime Minister Narendra Modi on social media platform X over the currency's depreciation, questioning Modi's commitment to making the South Asian currency stronger.

BJP's IT cell head Amit Malviya, in turn, said despite the depreciation, the rupee remains one of the most stable currencies globally, bolstered by improved external conditions, reduced current account deficits, and strong foreign exchange reserves, with its depreciation over the past year outperforming other major currencies.

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"Over the past year, even as the US Dollar Index surged by 9.8%, the rupee depreciated by a modest 3.68%, outperforming major currencies like the Japanese Yen and Korean Won, which fell by 9-12% during the same period," he said in a post on X.

News agency PTI reported on Monday that the rupee logged its steepest fall in nearly two years, plunging 55 paise to hit a historic low of 86.59 against the US dollar during mid-session due to the strengthening of the American currency and surging crude oil prices.

At the interbank foreign exchange, the rupee opened at 86.12 and fell to the lowest-ever level of 86.59 against the greenback during the mid-session, registering a loss of 55 paise from its previous close. The local unit, however, pared some losses and was later trading 46 paise down at 86.50 versus the dollar, PTI reported.

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The fall of 55 paise, or 0.65%, in one session was the steepest since 6 February 2023, when the unit had lost 68 paise, it said.

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