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Rupee breaches 70 per dollar in historic low

By The Assam Tribune
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MUMBAI, Aug 14 - Rerversing all its early gains, the rupee today collapsed to a life-time low of 70.09 against the US dollar, falling 16 paise amid fears that Turkish economic crisis could lead to a global financial meltdown.

The ongoing currency turmoil in Turkey has dampened investors� sentiments globally. Investors are turning to dollar as safe haven with Turkeys currency lira crisis continuing since the last week.

Yesterday, the rupee had plunged by Rs 1.08, or 1.57 per cent, to a record low of 69.93 against the US currency.

Meanwhile, the government today blamed �external factors� for the rupee�s fall to an all-time low against the US dollar and said that there is nothing to worry about as of now.

Economic Affairs Secretary Subhash Chander Garg said in New Delhi that external factors may ease going forward. �Rupee is depreciating due to external factors,� he said, adding, there is �nothing at this stage to worry.�

SBI Chairman Rajnish Kumar said all currencies have weakened against the dollar, but the Indian currency has not weakened very much in comparison to other currencies.

�I feel that it (rupee) should stabilise between 69 and 70 because if you look at the numbers for investment which is coming into the country � investment in bonds, investment in equities � this level has become attractive for foreign investment,� Kumar said. � PTI

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Rupee breaches 70 per dollar in historic low

MUMBAI, Aug 14 - Rerversing all its early gains, the rupee today collapsed to a life-time low of 70.09 against the US dollar, falling 16 paise amid fears that Turkish economic crisis could lead to a global financial meltdown.

The ongoing currency turmoil in Turkey has dampened investors� sentiments globally. Investors are turning to dollar as safe haven with Turkeys currency lira crisis continuing since the last week.

Yesterday, the rupee had plunged by Rs 1.08, or 1.57 per cent, to a record low of 69.93 against the US currency.

Meanwhile, the government today blamed �external factors� for the rupee�s fall to an all-time low against the US dollar and said that there is nothing to worry about as of now.

Economic Affairs Secretary Subhash Chander Garg said in New Delhi that external factors may ease going forward. �Rupee is depreciating due to external factors,� he said, adding, there is �nothing at this stage to worry.�

SBI Chairman Rajnish Kumar said all currencies have weakened against the dollar, but the Indian currency has not weakened very much in comparison to other currencies.

�I feel that it (rupee) should stabilise between 69 and 70 because if you look at the numbers for investment which is coming into the country � investment in bonds, investment in equities � this level has become attractive for foreign investment,� Kumar said. � PTI

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