Rupee Falls Sharply To Close At Record Low Against Dollar

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Kapil Sibal, former HRD minister, "congratulated" the prime minister for doing what the Congress could not for 60 years with regard to the rupee value. The rupee has been on the downslide since the beginning of this year and has slipped around 9% in 2018.

The Indian rupee on Tuesday morning fell to a record low of 70 against the U.S. dollar.

The US dollar has gained strength as experts fear that the economic crisis in Turkey could soon spill over its impact on global economies.

India would not be concerned if the rupee currency fell to 80 against the dollar after hitting an all-time low of 70.1 on Tuesday, as long as other currencies also depreciated, a senior finance ministry official said.

Nervous investors were keeping an eye on developments in Ankara after yesterday's bloodletting that saw the lira hit record lows against the dollar and euro, and equity markets go into freefall on concerns Turkey's financial crisis could spread globally.

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Another source said Canada will be turning to its old ally the United Kingdom for help, which has appealed for calm. The Kingdom of Saudi Arabia has stopped all the scholarship, training and fellowship programs to Canada.

"There is nothing to worry at this stage".

Yesterday, the rupee had plunged by Rs 1.08, or 1.57 per cent, to a record low of 69.91 against the U.S. currency amid fears that Turkish currency turmoil could turn out into global financial crisis.

Asian currencies except Japanese yen trade on a weaker footing.

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.

Yesterday, the rupee had plunged by Rs 1.08, or 1.57 per cent, to a record low of 69.91 against the USA currency amid fears that Turkish currency turmoil could turn out into a global financial crisis.

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