Rupee Breaches 70 Mark Against US Dollar For First Time Ever: 10 Points


Rupee Breaches 70 Mark Against US Dollar For First Time Ever: 10 Points

The battered rupee breached the 70 mark against the US dollar for the first time ever on Tuesday. After posting its weakest ever loss of Rs. 1.09 against the US dollar on Monday, the rupee strengthened by 23 paise in early trade on Tuesday. However, at about 10:30 am, the rupee hit an all-time low of 70.1 per dollar and extended it to 70.09, as concerns about Turkey’s economic woes persisted. Analysts expect the rupee to fall further to below 70 per
dollar.

Here are 10 things to know about rupee’s crash on Tuesday:

  • The rupee crashed to all-time low of 70.09 against the US dollar, reported news agency Press Trust of India.
  • However, economic affairs secretary Subhash Chander Garg said later that the fall in rupee was due to external factors and there was no need to worry at this stage.”As currencies of other economies are also depreciating, intervention by the Reserve Bank of India (RBI), by selling dollars in the country, will not help much at this stage for stabilising the rupee. Even if the rupee falls to 80, it will not be a concern provided all other currencies depreciate,” he was quoted as saying in a Reuters report. Read More

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