Rupee Crosses 70 Per Dollar! Indian Currency Hits All-Time Record Low

Foreign investors have sold nearly $5.5 billion in debt markets so far this year weighing on the rupee

Foreign investors have sold nearly $5.5 billion in debt markets so far this year weighing on the rupee

The fall in Turkish Lira has spread the fears that the economic slump in Turkey could spread to other economies. The rupee has been on the downslide since the beginning of this year and has slipped around 9% in 2018. Experts believe that a possible intervention by the Reserve Bank of India (RBI) could have stemmed the rupee's fall.

The ongoing currency turmoil in Turkey has dampened investors' sentiments globally.

Rupee hits a fresh lifetime low as EM currencies slide.

India's retail inflation dropped to a nine-month low of 4.17% in July from 4.92% a month ago on the back of softening food prices and a favourable base. Later, it recovered some ground after the ænance ministry assured steps to rein in the crisis.

Auckland drops out of world's liveable cities Top 10
After seven years in the top position, Melbourne was bumped to number two, displaced by the Austrian capital, Vienna . Japan's Osaka and Tokyo have now moved up into the top ten, coming in third and seventh place respectively.

Tampa General ranked Florida’s second-best hospital in U.S
Mayo's closest competition came from Cleveland Clinic , which ranked second, and third-place Johns Hopkins Memorial in Baltimore. The University of Kentucky Chandler Hospital continues to be ranked the number one regional facility in Kentucky by U.S.

Taliban overrun Afghan army base, killing 17 troops
Everywhere they go they set the places on fire, ' he said, adding that shops were being looted, with water and food scarce. Another official in Faryab said the Taliban had captured 40 soldiers, while 30 militants had been killed.

India plans to raise 6.06 trillion rupees ($86.71 billion) in the current fiscal year ending in March 2019, to fund the fiscal deficit. High CAD is bad for the economy as it indicates an outflow of money from the country leaving behind no surplus.

Forex dealers said selling of the greenback by banks and exporters supported the rupee.

According to reports, heavy sell-off in global currencies, including Turkish lira, fueled demand for safe-haven assets and caused the rupee to nosedive.

The rupee on Monday touched an all-time low of 69.62 per dollar in early trade, tracking broader weakness in other emerging market currencies on concerns of a spill-over from a crisis-hit Turkey. The Indian rupee breaching 70 mark is not because of India-specific factors, but on account of risks of a global contagion emerging on account of the weakening Turkish Lira against the United States dollar.

Latest News