Updated By: LatestGKGS Desk
Indian Rupee for first time ever gone maximum low at Rs 70 mark against US dollar
Indian Rupee for the first time ever gone maximum low at Rs 70 mark against US dollar: Details, Highlights
Indian rupee for the first time ever in history recorded low at Rs. 70.07 against US dollar on 14 August 2018.
Later, Indian Rupee recovered at around Rs. 69.84 after heavy intervention by Reserve Bank of India (RBI). This sudden depreciation of rupee is similar to fall of other currencies in emerging markets triggered by a crash in Turkish currency lira.
The Turkish lira has been in free fall following political and economic problems in Turkey, combined with fresh trouble on the external front. It has slid by almost 50% against the dollar in past 1 year.
Indian Rupee has been on a downslide in 2018 and has slipped 9% in 2018 as foreign investors sold $6.8 million and $5.15 billion in equity and debt markets respectively.
Also, Turkey’s currency crisis has triggered fresh selling across emerging markets and further down sliding rupee sharply.
Indian Rupee is one of the worst performing emerging market currencies and hardest hit in Asia due fall in Turkish lira.
Indian Rupee is depreciating due to external factors and at this stage, it is not a serious economic issue as depreciation is in line with other currencies. In comparison to many other currencies, the rupee has not seen that much depreciation. In the future, if global currencies show further meltdown, rupee will also fall further.
