Rupee breaches 70 per dollar mark as Turkey concerns persist
Rupee breaches 70 per dollar mark as Turkey concerns persist
For the first time in 70 years, Indian rupee at 70 against US Dollar
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.
Technical pattern indicates that the rupee could further depreciate towards 71 per dollar.
Turkey'slira remained under pressure in Asian trade today but markets in the region enjoyed a little more stability after the previous day's turmoil.
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There is no economic reason ... "The aim of the operation is to make Turkey surrender in all areas from finance to politics". The United States is the biggest destination for Turkish steel exports with 11 percent of the Turkish export volume.
China's yuan dipped a little more than 0.3 percent on Monday, adding to the losses the currency has sustained this year. You can follow the progress of markets over the day on Markets Insider . "Every outburst by Erdogan explodes on us".
Why does this matter to the world? So far, however, Turkey has not sparked a global rout in emerging markets. But the bank did not increase interest rates, which would help contain inflation while supporting the lira .
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