Indian Rupee hits fresh record low of 69.61 per United States dollars

Oscar PerryAug 15, 2018

The government on Tuesday blamed "external factors" for the rupee's fall to an all-time low against the U.S. dollar and said that there is nothing to worry about as of now.

The reason behind the fall in rupee was because of the drop in Turkish Lira, and the USA dollar gaining rapid strength amid fears that the economic crisis in Turkey could spread to other global economies. The rupee, he said, is still better compared to other currencies. There is "nothing at this stage to worry". It, however, recovered from the all-time low.

Asian currencies except Japanese yen trade on a weaker footing. "The rupee is depreciating due to external factors which may ease as we go forward".

BSE's Sensex was trading higher by 226.50 points at 37,871.40 at 1 pm, while Nifty 50 was up 77.85 points to trade at 11,433.60.

SBI Chairman Rajnish Kumar said all currencies have weakened against the dollar, but that the Indian currency has not weakened very much in comparison to other currencies. "The current rupee decline is having a positive impact on the volume of remittances to the country as NRIs are using this to their advantage to send larger amounts of money back home", he said.

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Research Analyst at Anand Rathi Shares and Stock Brokers, Rushabh Maru said the rupee extended losses today on account of panic demand from importers.

He said the RBI has spent about $23 billion so far to intervene in the market.

The rupee reversed marginally from its record lows to trade at 69.53 to the dollar.

The currency crisis in Turkey, which had a massive impact on Asian markets on Monday, began after President Recep Tayyip Erdogan asked citizens to exchange gold and dollars into the lira as the country's currency dropped almost 19% due to worsening relations with the United States.

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