Rupee Opens at 69.85 per Dollar After Crashing to an All-Time Closing Low
The reason behind the fall in rupee was because of the drop in Turkish Lira, and the US dollar gaining rapid strength amid fears that the economic crisis in Turkey could spread to other global economies.
Mumbai, August 14: The Indian rupee has opened marginally higher at 69.85 per dollar today, after ending at an all-time closing low on Monday. The rupee closed 110 paise lower at 69.93, it was the biggest single-day fall in five years. Previously, the rupee had dropped 2.4 percent or 148 paise in a single day in August 2013. The rupee also ended lower against the British pound, euro, and Japanse yen.
The reason behind the fall in rupee was because of the drop in Turkish Lira, and the US dollar gaining rapid strength amid fears that the economic crisis in Turkey could spread to other global economies. There are reports which predict that the rupee could further depreciate towards the Rs 71 per dollar. Lack of FII inflows and growing oil prices are also affecting the rupee.
Reportedly, the rupee has lost 7.2 percent this year and remains one of the worst performing emerging market currencies. However, according to an Economic Times report, Turkish lira, Russian ruble, Argentine peso have significantly weakened against the dollar. They all dipped anything between 15 and 40 percent since the beginning of the year. So this has made the rupee a relatively better-performing currency with the local unit now ranking the second best among the emerging market. lot.
(With inputs from PTI)
(The above story first appeared on LatestLY on Aug 14, 2018 09:38 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).