Rupee moving all times low 70.09 against the US dollar- news agency Press Trust of India.

Pti 11:12 HRS IST


Mumbai, Aug 14 (PTI)
 Rerversing all its early gains, the rupee today collapsed to a life-time low of 70.09 against the US dollar, falling 16 paise amid fears that Turkish economic crisis could lead to a global financial meltdown.

The ongoing currency turmoil in Turkey has dampened investors’ sentiments globally. Investors are turning to dollar as safe haven with Turkeys currency lira crisis continuing since the last week.

Yesterday, the rupee had plunged by Rs 1.08, or 1.57 per cent, to a record low of 69.93 against the US currency.

The rupee crashed to all-time low of 70.09 against the US dollar, reported news agency Press Trust of India.

However, economic affairs secretary Subhash Chander Garg said later that the fall in rupee was due to external factors and there was no need to worry at this stage.

“Panic demand of dollars from importers and strength in the dollar index pulled the rupee today. Also, intervention from Reserve Bank of India (RBI) is very limited in the forex market,” said Rushabh Maru, Research Analyst, Anand Rathi Share and Stock Brokers.

The Turkish lira has weakened 45 per cent against the dollar this year.

 

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