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.
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.
HD Kumaraswamy meets 3,000 people every week during 'Janata Darshan' According to sources Karnataka Chief Minister H.D. Kumaraswamy would meet the public at his home office in the city centre only once in a month, instead every week. An official said on Thursday "Doctors have advised him to meet people once a month”. Meanwhile Kumaraswamy, 58, who underwent
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