Rupee hits lifetime low of 70 per dollar

Rupee Opens at Record Lows Against Dollar On Back of Turmoil in Turkish Lira

JP Morgan's emerging markets foreign exchange index is on track for its biggest monthly fall in six years.

A customer hands rupee notes to an attendant at a fuel station in Mumbai, August 13, 2018.

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.

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

Mumbai: Rerversing all its early gains, the rupee on Tuesday collapsed to a life-time low of 70.09 against the U.S. dollar, falling 16 paise amid fears that Turkish economic crisis could lead to a global financial meltdown.

The US dollar has gained strength as experts fear that the economic crisis in Turkey could soon spill over its impact on global economies. There is "nothing at this stage to worry".

The rupee recovered three paise from the previous day's close of 69.93.

The weakness of the Turkish lira has strained market currencies in Asia. 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.

According to NDTV, analysts have stated that crisis has been pending for a while and reflects Turkey's refusal to raise interest rates to curb double-digit inflation and cool an overheated economy.

In a ray of hope, however, last month retail inflation fell to a nine-month low of 4.17% on declining vegetable prices. Investors preferred safe-havens such as the United States dollar and the Japanese yen after a plunge in the Turkish lira pulled down all emerging market currencies.

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