In a move which may have far-reaching consequences for the Narendra Modi, India's Finance Minister P Chidambaram, tendered his resignation on Wednesday accusing the Gujarat chief minister of betraying the nation by dumping the rupee.

P Chidambaram has saw one of the worst slides in the rupee from 55 rupees to 68 rupees and still it is not strengthening.

Blaming everything on Narendra Modi, P Chidambaram said "Rupee is actually falling because of Narendra Modi. He only ordered it to fall sharply so that this lame duck UPA Government will also fall. I am observing this slide since he was informally announced as a Prime Ministerial candidate. I don't know what will happen to trade deficit, fiscal deficit and rupee if Modi is formally announced as a Prime Ministerial candidate for BJP."

In his 35-page resignation letter to Prime Minister Chidambaram said that he has not remained any confidence in future developments and afraid if BJP announces Modi as PM candidate what will happen to the entire economy.

"This spineless UPA government, which is valiant only in words, otherwise coward in deeds and impotent in actions, has ceased to command my allegiance, trust and loyalty for not stopping Narendra Modi to reach to PM's post," he has written in his resignation letter.