Rupee hits lifetime low of 70 per dollar

Rupee hits lifetime low of 70 per dollar

Rupee hits lifetime low of 70 per dollar

However, according to an Economic Times report, Turkish lira, Russian ruble, Argentine peso have significantly weakened against the dollar. The Indian rupee has depreciated by 10 per cent in 2018. Experts believe that a possible intervention by the Reserve Bank of India (RBI) could have stemmed the rupee's fall.

The rupee settled almost unchanged on Tuesday, after weakening to a fresh all-time low of 71.10 against the U.S. dollar amid prevailing weakness in emerging market currencies.

From pulling out videos of the prime minister talking about the rupee vis a vis dollar to the long-ago comment of his 56-inch chest during an election rally in 2014 to the rupee value during the UPA under Manmohan Singh as the prime minister, the Opposition spared nothing while hitting out at the government for the rupee dropping to 70. Turkey's Lira fell more than 25 percent last week and extended the drop to a fresh record low above 7.00 per dollar.

Economic Affairs Secretary Subhash Chandra Garg, said, "Nothing to worry at this stage".

"A slowing Chinese economy, tightening monetary policy and an escalating trade war are some of the main reasons for this turmoil into currency markets as sentiments towards emerging markets are worsening".

The Financial Benchmarks india private limited (FBIL) today fixed the reference rate of the rupee at 69.7696 against the U.S. dollar and 79.6997 for the euro.

The crisis has been sparked by a series of issues including a faltering economy - the central bank has defied market calls for rate hikes - and tensions with the United States, which has hit Turkey with sanctions over its detention of an American pastor.

The Turkish lira dived nearly 8 per cent Monday to a low of 7.24 against the U.S. dollar, fuelling fears that it may impact ænancial institutions in Europe.

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