Rupee Crosses 70 Per Dollar! Indian Currency Hits All-Time Record Low

Rupee plunges against dollar tracking broader weakness in other emerging market currencies

Mumbai: The rupee plunged to yet another record low on Tuesday breaching the psychological 70 level mark against the United States dollar as concern regarding the currency crisis in Turkey spreading to other emerging markets forced investors to shun riskier assets and seek the safety of U.S. dollar. At 1.15 pm, the rupee was trading at 69.90 per dollar. It had ended at 68.84 to the dollar on Friday.

The euro hovered near one-year lows against the dollar and the Swiss franc as the Turkish lira wobbled, on worries economic troubles in Turkey could hit European banks and spread to other emerging economies.

Analysts said a rise in the 10-year benchmark bond yield to 7.82 percent on Tuesday reflected concerns about rising government borrowing costs in the market.

In the current financial year, which began on April 1, the rupee has depreciated around 6.7% against the USA dollar.

"Turkish lira plunged another 7 per cent today and that caused a chaos in the emerging market space, with South African rand depreciating by nearly 10 per cent. Dollar-Rupee could not withstand that pressure", Anindya Banerjee, Deputy Vice President for Currency and Interest Rates with Kotak Securities, said.

DOD releases 4-part plan for Space Force
Satellites provide communications, navigation, intelligence and other services vital to the military and the national economy. Finally, the Pentagon would also establish a US Space Command to be led by a four-star general or flag officer, he said.

Traders will also watch out for India consumer inflation data for July due after market hours for further direction.

Economic Affairs Secretary Subhash Chander Garg said external factors may ease going forward.

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. "The current rupee decline is having a positive impact on the volume of remittances to the country as NRIs are using this to their advantage to send larger amounts of money back home", he said.

He said the RBI has spent about $23 billion so far to intervene in the market.

Related:

  • N'Golo Kante Equals His Best Premier League Goals Tally

    N'Golo Kante Equals His Best Premier League Goals Tally

    Pedro sealed a comfortable win with a cool, chipped finish for Chelsea's third after being played in by substitute Eden Hazard . Maurizio Sarri has hinted that Chelsea may struggle in the early stages of the season as the players adapt to his style of play.
    Positive Update On Ramsey Ahead Of Premier League Opener

    Positive Update On Ramsey Ahead Of Premier League Opener

    Emery could not have been handed a more hard start to life at Arsenal with a trip to Chelsea following on from the visit of City. But he does look set to leave Arsenal , with new Gunners boss Unai Emery having judged him surplus to requirements.
    At Least 4 Dead in Shooting in Fredericton, New Brunswick

    At Least 4 Dead in Shooting in Fredericton, New Brunswick

    Employees answering calls in both businesses said they were following company policies to sit tight and not comment to media. New Brunswick Premier Brian Gallant also cited the fearless work of first responders in a statement of his own.
  • Emotional scenes as Monsanto ordered to pay $289m damages in cancer trial

    Emotional scenes as Monsanto ordered to pay $289m damages in cancer trial

    Mr Johnson's lawyer, Brent Wisner , said the jury's verdict showed that the evidence against the product was "overwhelming". Partridge, meanwhile, announced that Monsanto had no intention of settling the slew of similar cases in the legal queue.
    Donald Trump's show of military strength Photogallery

    Donald Trump's show of military strength Photogallery

    Trump said that Patton's words "still ring true", noting that the American military was the most powerful in the world. President Donald Trump made no mention of Senator John McCain who has been one of the president's fiercest critics.
    England vs India 2018: India's predicted XI for the third Test

    England vs India 2018: India's predicted XI for the third Test

    There had been a lively spell at the start of India's second innings at Edgbaston , but that was about it. On the other hand, Ben Stokes missed out for the second Test but England didn't miss him at all.
  • Late Night Tackles Omarosa Tapes, Questions Why Trump Eats Paper

    Late Night Tackles Omarosa Tapes, Questions Why Trump Eats Paper

    Both Patton and Pierson denied the existence of the tape on Monday night, before the audio was released. Good work by General Kelly for quickly firing that dog!" the President tweeted early Tuesday.
    Liverpool vs. West Ham live stream

    Liverpool vs. West Ham live stream

    Salah's goal featured an important contribution from new signing Naby Keita , while Guinea's Keita was excellent throughout. If you lose 4-0, it's not to have any excuses but I think in football, two or three balls decide the score.
    Employee steals plane from Seattle airport, crashes it shortly

    Employee steals plane from Seattle airport, crashes it shortly

    Sheriff's department officials said they were working to conduct a background investigation on the Pierce County resident. The US Coast Guard said the plane was stolen and was seen flying around Puget Sound at one point, NBC News reported .
  • Iran's Khamenei rejects talks with Trump

    Iran's Khamenei rejects talks with Trump

    Washington says negotiating a tougher nuclear deal than the one sealed in 2015 is Iran's only escape-route from the sanctions. "As we saw in the past, consumers are hit by the most in trade wars, which increase products' prices".
    ULA Delta IV Parker Solar Probe Heavy Scrub Statement

    ULA Delta IV Parker Solar Probe Heavy Scrub Statement

    The device will measure the electromagnetic field of the Sun and determine the nature of the particles emitted by the star. The forecast shows a 60 percent chance of favorable weather conditions for launch - noted in NASA.
    Charlottesville Anniversary: Rallies Planned One Year After Death of Heather Heyer

    Charlottesville Anniversary: Rallies Planned One Year After Death of Heather Heyer

    NBC12 will have crews in both Charlottesville and D.C. throughout the weekend and will have updates both on air and online. Saturday, some crowds showed up in the city, which was under a state of emergency along with the Commonwealth of Virginia.

Comments

Latest news

Juventus Match Abandoned After Fans Mob Ronaldo
Juventus went on to win 5-0 against their youth team, but viewers weren't all that impressed by Ronaldo's contribution. But minutes later a huge swarm of fans invaded the pitch and the game was subsequently abandoned.

"Trumps calls Omarosa a 'lowlife' at 'Bikers for Trump" rally
Omarosa also had a bridal "going away" party before her wedding with none other than aides close to the president . Trump had "always been kind to me, as I said repeatedly in dozens and dozens of interviews", she continued.

Trump authorizes doubling of steel, aluminum tariffs on Turkey
The United States is the biggest destination for Turkish steel exports with 11 percent of the Turkish export volume. President Recep Tayyip Erdogan says his government "will not lose the economic war ".

Transfer flurry for every team except Tottenham Hotspur
Manchester United boss Jose Mourinho lauded Liverpool for its acquisitions and said The Reds should contend for the title. Martial in the last 20 minutes could have given us the second goal but I couldn't make that change.

Should Arsenal be quietly confident against Man City?
The France striker injected more urgency into Arsenal's attacks and sent an effort just wide only moments after coming on. He did well to prevent a Riyad Mahrez free-kick and then reacted well to stop the follow-up from Aymeric Laporte .

Liverpool manager Jurgen Klopp: 'We played better than I expected'
And with a series of key summer acquisitions , the Reds are seen as the most likely side to dethrone Manchester City . I'm looking forward to this season, to improve things, be competitive and to challenge for the right targets.

NASA embarks on "dangerous" mission to the Sun
NASA chief of the science mission directorate, Thomas Zurbuchen, said Parker is an "incredible hero of our scientific community". His 1958 paper was initially ridiculed but has come to be central to our understanding of the solar system and beyond.

Erdogan says crash of lira ‘political plot’ against Turkey
The new duties on Turkey are double the level Mr Trump imposed in March on steel and aluminium imports from a range of countries. He was placed under house arrest due to health concerns last month and faces up to 35 years in prison if found guilty.

Argentina: Senators reject bill to legalise abortion
The world was watching and Argentina's senators failed. The issue has divided the homeland of Pope Francis . It is also legal in Mexico City.

Tourists flee Lombok as Indonesian quake death toll hits 98
In December 2004, a massive magnitude 9.1 quake off Sumatra triggered a tsunami that killed 230,000 people in a dozen countries. Lombok airport's general manager said airlines had laid on extra flights and his staff had been providing blankets and snacks.

Liverpool must deliver on potential - Jurgen Klopp
But after splashing out £170m in the transfer market this summer, hopes are high they can improve on last season's fourth place. We jump into the water and we dive until we don't have oxygen anymore.

Trump is a bigot who used racial slurs, ex-aide Omarosa says
But, as NPR reported , the very section that Manigault told Martin to read actually was the part that contradicted her claims. I mean, Manigault did say once that "every critic, every detractor, will have to bow down to President Trump ".

Leicester fans blast Daniel Amartey after defeat to Man United
But RMC says Pogba has now put talk of a move to bed by vowing to stick around in Manchester until the end of the current campaign.

Kentucky Senator Delivers Letter To Russia
Trump's meeting with Putin received lower marks, with 23 percent calling it successful and 35 percent calling it unsuccessful. A reported text of the draft bill published Wednesday sent Russia's ruble to lows against the dollar last seen in April.

Wake Forest University basketball coach charged in death of NYC tourist
Jones and his family send their deepest condolences and their thoughts and prayers to the Szabo family", Massena said. Police arrested Jones, of Kernerville, North Carolina, on Thursday and charged him with third-degree assault.

Other news