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Wed, Nov 21, 2018 | Last Updated 2:06 am IST

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Indian rupee fell to a record low of 70 against US dollar

Indian rupee fell to a record low of 70 against US dollar
Indian rupee fell to a record low of 70 against US dollar
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As per latest report the cause of this fall has been attributed to fears over a rise in global protectionist measures, along with a strong US economy.  Accordingly this is the steepest fall for the Indian rupee since September 2013. Meanwhile the rupee has been on the down slide since the beginning of this year and has slipped around 9% in 2018.  Moreover the ongoing currency turmoil in Turkey has dampened investors' sentiments globally and presently investors are turning to the dollar as a safe haven with Turkey’s currency lira crisis continuing since the last week.  



Furthermore yesterday around 11 am, the rupee plunged to Rs 70.08 to a US dollar. However, soon afterwards, the Reserve Bank of India (RBI) is said to have intervened in the open market to curb the rupee's free fall. Meanwhile the intervention aided the rupee stabilize just a tad below 70 to a USD at 69.98 around 11.05 a.m.  

Indian rupee fell to a record low of 70 against US dollar

Economic Affairs Secretary Subhash Chandra Garg told news agency told "There is nothing to worry at this stage and the rupee is depreciating due to external factors which may ease as we go forward”. Further the reports suggest heavy sell-off in global currencies, including Turkish lira, fuelled demand for safe-haven assets and caused the rupee to nosedive.  

Indian rupee fell to a record low of 70 against US dollar

Indian rupee fell to a record low of 70 against US dollar
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