Rupee fall continues, hits record low of 70 against U.S. dollar

Rupee fall continues, hits record low of 70 against U.S. dollar

Rupee fall continues, hits record low of 70 against U.S. dollar

"As currencies of other economies are also depreciating, intervention by the Reserve Bank of India, by selling dollars in the country, will not help much at this stage for stabilising the rupee", Garg told reporters.

Technical pattern indicates that the rupee could further depreciate towards 71 per dollar.

Lira is the national currency of Turkey, and a crisis has spooked investors, economists and policy makers, leaving them on a shaky ground.

The Indian rupee on Tuesday morning fell to a record low of 70 against the United States dollar.

The Financial Benchmarks india private limited (FBIL) today fixed the reference rate of the rupee at 69.7696 against the USA dollar and 79.6997 for the euro.

Economic affairs secretary Subhash Chander Garg.

The currency crisis has been observed across Asian markets, causing a weakening in domestic equities, sparked majorly by the Lira crisis.

The BSE Sensex had reported of a 300 point dip in the morning session, and NSE Nifty dipped below a 11,400-level owing to heavy losses in PSUs, Banking, auto, and metal counters amid a global rout in equity markets.

Analysts say the high crude prices are squeezing the Indian currency, making it less appealing to investors. However, soon afterwards, the Reserve Bank of India (RBI) is said to have intervened in the open market to curb the rupee's free fall.

Forex dealers said selling of the greenback by banks and exporters supported the rupee.

The reason behind the fall in rupee was because of the drop in Turkish Lira, and the U.S. dollar gaining rapid strength amid fears that the economic crisis in Turkey could spread to other global economies.

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