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

Indian rupee hits record low as domestic indices suffer because of Turkish lira crisis

Danish Siddiqui Reuters

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.

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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.

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