The Indian rupee extended its fall to a record low of 70-mark for the first time against the US dollar, hitting a new low of 70.10 in intra-day trading. The rupee has been on the downslide this year, having slipped 9 per cent in 2018.
However, later it closed at 69.90, up 3 paise against Monday’s 69.93, when it recorded its biggest intra-day fall in five years, following a global currency crisis after the Turkish lira was battered. But even then the Indian rupee closed as the worst performing Asian currency.
India’s currency has been among the hardest hit in Asia from the recent Turkey-led sell-off in emerging assets, thanks to a wide current account deficit (CAD) that are already strained by higher oil prices. The fall in rupee is in line with global decimated emerging markets currency, which is noticeable by the Turkish crisis.
Congress took a jibe at the present government for this on twitter,
Modiji finally managed to do something that we couldn't do in 70 years. pic.twitter.com/jCFH79YrCQ
— Congress (@INCIndia) August 14, 2018