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Rupee Crosses 70 Per Dollar! Indian Currency Hits All-Time Record Low

14 August, 2018, 23:55 | Author: Sara Gill
  • Indian rupee hits record low as domestic indices suffer because of Turkish lira crisis

This is the biggest single day fall for the rupee in the past five years. The Indian rupee has depreciated by 10 per cent in 2018.

In India, on Monday morning, increased demand for USA currency from importers and banks amid fresh foreign fund outflows hit the rupee sentiment, according to forex traders.

The euro hovered near one-year lows against the dollar and the Swiss franc as the Turkish lira wobbled, on worries economic troubles in Turkey could hit European banks and spread to other emerging economies.

The ongoing currency turmoil in Turkey has dampened investors' sentiments globally. The Turkish currency crisis has strained emerging market currencies such as India.

Currently, the economy of Turkey is going through a rough patch.

India's retail inflation dropped to a nine-month low of 4.17% in July from 4.92% a month ago on the back of softening food prices and a favourable base.


In the last two reviews, the RBI had raised the key repo rate by 0.25 per cent each on inflationary concerns. While the government has blamed "external factors" for the rupee's fall to an all-time low against the United States dollar and said there is nothing to worry, the Opposition has come all out with their opinions on Twitter.

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

India plans to raise 6.06 trillion rupees ($86.71 billion) in the current fiscal year ending in March 2019, to fund the fiscal deficit.

Global currencies except for safe-haven Japanese yen and Swiss franc faced a rout against the dollar.

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

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