Published: Tue, August 14, 2018
Finance | By Jaime Brady

Turkish currency crisis adds to misery of Indian rupee

Turkish currency crisis adds to misery of Indian rupee

The rupee, however, recovered from the all-time low of 69.91 and strengthened by 23 paise to 69.68 against the USA dollar in opening trade at the interbank foreign exchange market today.

Kapil Sibal, former HRD minister, "congratulated" the prime minister for doing what the Congress could not for 60 years with regard to the rupee value.

Research Analyst at Anand Rathi Shares and Stock Brokers, Rushabh Maru said the rupee extended losses today on account of panic demand from importers. It had ended at 68.84 to the dollar on Friday.

The 10-year benchmark bond yield inched up to 7.82 percent after staying muted in early trade.

"Even if the rupee falls to 80, it will not be a concern provided other currencies also depreciate", Garg told reporters when asked about the currency's impact on the Indian economy.

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Yesterday, the rupee had plunged by Rs 1.08, or 1.57 per cent, to a record low of 69.91 against the United States currency amid fears that Turkish currency turmoil could turn out into a global financial crisis. The rupee had settled at 68.84 against the USA dollar last Friday.

The next crucial level for the rupee is 69.80 to the dollar, he added. The next bi-monthly policy is to be unveiled on October 5.

The rupee has been among the worst performing currencies against the dollar compared with its peers so far this year.

The government has blamed external factors for the depreciation, which it said will ease going forward, PTI reported. He opined that on a medium term basis, the rupee will need to depreciate further to keep up with the inflation differentials with other trading partners. The RBI has been intervening very selectively in the market.

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