Rupee falls to fresh all-time low of 70.08 level

Rupee falls to fresh all-time low of 70.08 level

The rupee continued its free fall against the US dollar and touched a fresh all-time low of 70.08 mark after Turkey's currency Lira fell sharply due to its economic crisis, despite the best efforts of its central bank to contain the fall.  The crisis has triggered fears of tightening liquidity and volatility in the currencies of emerging markets. The rupee has declined by over 10% so far in 2018. Lack of FII inflows and growing oil prices are also affecting the rupee, a PSU bank official said. Foreign investors sold shares worth Rs 971.8 crore on a net basis, provisional exchange data showed. The RBI has been intervening very selectively in the market. The government has been quick to fix the rupee devaluation blame on external factors.

Read More at Business Today News date : 14 Aug 2018, Tuesday

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