Zoho founder Sridhar Vembu is facing heavy criticism after blaming former Prime Minister Indira Gandhi for “devaluing the rupee”. The remarks came even as the currency fell to an all-time-low of 91.96 against the dollar last week amid heightened global geopolitical uncertainties. The rupee has been in freefall over the past two months as US policies under President Donald Trump sent the markets roiling.
The businessman shared a news story highlighting events from 1966 via X on Monday — stressing the need for “historical facts to be brought out”.
“The linked article goes over the history of how Indira Gandhi buckled under US pressure and devalued the rupee by 57% one day in 1966 and how her action destroyed the rupee’s standing in global trade and made India much poorer in one stroke. The amount of damage she did to our nation is immense and that is not even counting the Emergency,” he insisted.
‘Convenient deflection from crisis’
The remarks have sparked backlash — with critics insisting that his comments were a “convenient deflection from the crisis”. Retired IPS officer M Nageswara Rao also questioned the relevance of events from 60 years ago as he shared a lengthy response via X.
“It took 65 years for the Indian Rupee to slide from Rs 5 to the US dollar in 1950 to around Rs 63 in 2014 — a long, gradual erosion across multiple governments and eras…When you choose to lecture about the 1966 devaluation—now nearly 60 years old—it feels like a convenient deflection from the crisis. It is plain dishonesty,” he alleged.
Rao also noted that the rupee had fallen sharply over the past decade — “from Rs 63 in 2014 to roughly Rs 92 today to the US dollar”. The domestic currency has since declined from Rs 62.3 in 2014 to around Rs 91.62 in late January 2026.
Market expert, Deepak Shenoy also rebutted, “It was inevitable. We couldn’t afford a fixed exchange rate but it remained largely fixed till the 1980s, then marginal changes, then more market linked after 1991 fumed another X user.”
“Indira Gandhi did it because we were left a pauper country by the British and we had to do three wars to defend our borders. This put us in great economic crisis. To survive, devaluation was a necessity,” defended a third.
Rupee hits new low
The Indian rupee hit a historic low on Friday amid selling pressure from foreign funds and risk-off sentiment in global markets. The rupee hit a historic low of 92-a-dollar on Friday and gained marginally to settle at 91.90 against the American currency, amid selling pressure from foreign funds and risk-off sentiment in global markets.
Forex traders said the Indian rupee gave up early gains and hit a record low of 92 per US dollar in intraday trade due to weak domestic markets and persistent foreign fund outflows. Moreover, gains in crude oil prices and a surge in US treasury yields weighed on the rupee.
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