Wednesday, 26 September, 2018

Rupee breaches 70 per dollar mark as Turkey concerns persist

Turkish currency crisis adds to misery of Indian rupee For the first time in 70 years, Indian rupee at 70 against US Dollar
Russell Knight | 14 August, 2018, 11:16

The Indian rupee and 10-year bond prices rose on Tuesday after retail inflation slowed to a nine month low, providing comfort to the government and Reserve Bank of India.

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

For the first time in history, the Indian Rupee hit a record low breaching the Rs 70 mark against U.S. dollar on Tuesday. JP Morgan economist David Hensley said that strains in most other emerging markets would be contained.

Prior to this, the currency ended 110 paise lower at 69.93 on Monday against its Friday's close of 68.83, which was a biggest single session decline against dollar since September 3, 2013. Other emerging market currencies plunged as investors preferred safe-havens such as the U.S. dollar and the yen after a plunge in the Turkish Lira.

Turkish currency crisis adds to misery of Indian rupee

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

Turkey's lira remained under pressure in Asian trade today but markets in the region enjoyed a little more stability after the previous day's turmoil.

"Meanwhile, they also believe that a few domestic factors could also be at play".

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