Indian Rupee hits fresh record low of 69.61 per Dollars

Dwayne Harmon
August 14, 2018

The rupee has been on the downslide since the beginning of this year and has slipped around 9% in 2018.

The rupee recovered from all-time low of 69.91 and strengthened by 23 paise to 69.68 against the United States dollar in opening trade at the interbank foreign exchange market on Tuesday on some macroeconomic boost.

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.

According to news agency PTI, the ongoing currency turmoil in Turkey has dampened investors' sentiments globally. The rupee traded in the range of 69.93-69.41 against the American currency before closing at the day's lowest point. Turkey's Lira fell more than 25 percent last week and extended the drop to a fresh record low above 7.00 per dollar.

In early Asian trade, the Turkish unit was at 6.91 to the dollar and 7.89 to the euro, well off the 7.24 to the dollar and 8.12 to the euro seen yesterday but still uncomfortably high.

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"Rupee is depreciating due to external factors.nothing at this stage to worry", Garg said adding external factors may ease going forward.

"I feel that it (rupee) should stabilise between 69 and 70 because if you look at the numbers for investment which is coming into the country - investment in bonds, investment in equities - this level has become attractive for foreign investment", Kumar said.

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

Yesterday, the rupee had plunged by Rs 1.08, or 1.57%, 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.

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