Published: Tue, August 14, 2018
Markets | By Otis Pena

Rupee breaches 70/$ as investors turn jittery over Turkish currency turmoil

Rupee breaches 70/$ as investors turn jittery over Turkish currency turmoil

The rupee hit an all time low of 70.1 to a USA dollar earlier today on concerns over Turkey's economic woes. The cause of this fall has been attributed to fears over a rise in global protectionist measures, along with a strong USA economy.

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. "As currencies of other economies are also depreciating, intervention by the Reserve Bank of India (RBI), by selling dollars in the country, will not help much at this stage for stabilising the rupee", Garg told reporters. Almost three-fourths of the respondents believed the local unit could touch 69 to the dollar with some even pointing to 70 by December-end.

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Reports suggest heavy sell-off in global currencies, including Turkish lira, fuelled demand for safe-haven assets and caused the rupee to nosedive.

The Indian currency fell 66 paise in the early trade on Monday against its previous close 68.83 against the greenback. Some of these avenues include the Japanese Yen, the US Dollar and the Swiss Franc. This could prompt Reserve Bank to pause interest rate hike in its next monetary policy review, a PTI report states.

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