Rupee hits an all-time low of 70.08 against US Dollar this morning

Aug 14 2018 11:55 AM
Rupee hits an all-time low of 70.08 against US Dollar this morning

New Delhi: The rupee violated 70 per dollar mark in late morning trade on Tuesday in the course of fears that economic crisis in Turkey could extend to other global economies. According to the reports at the interbank foreign exchange market, the rupee was trading higher by 0.21 percent at 70.07 against US dollar at 10.37 AM.

In the opening trade rupee had recovered from all-time low of 69.91 and strengthened by 23 paise to 69.68 against the US dollar.

A PTI report stated that the ongoing currency chaos in Turkey has dampened investors' sentiments internationally. Investors are moving to dollar as safe haven with Turkeys currency lira crisis keeping on since the last week.

Yesterday, the Indian currency worn-out by a massive 110 paise which is its largest single-day falls in five years. Earlier lifetime low of Ruppee was 69.93 against the US dollar. It was the biggest single day fall for the rupee in the past five year while earlier the rupee had dropped 2.4 per cent or 148 paise in a single day in August 2013.

Still Positivity was however seen in the stock market, taking comfort from better price raises numbers coupled with surfacing of buying by domestic institutional investors.

 

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