Rupee hits a record low, plunges to 70 against the dollar for the first time

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The Indian rupee fell to a intra-day low of over 70 against a US dollar during the pre-afternoon hours on Tuesday, fearing rise in global protectionist measures, along with a strong US economy, IANS reported.

Around 11.00 a.m., the rupee plunged to 70.08 to a US dollar. However, soon afterward the Reserve Bank of India (RBI) is said to have intervened in the open market to curb the rupee’s free fall.

The intervention aided the rupee to stabilise just below 70 to a USD at 69.98 around 11.05 a.m.

On Monday, the rupee closed as the worst performing Asian as the contagion from the collapse of the Turkish lira spread into emerging markets.

The rupee has been on the downslide this year, having slipped 9 per cent in 2018.  “The fall in rupee is in line with global decimated emerging markets currency, accentuated by the Turkish crisis, ” Sanjiv Bhasin, executive VP-Markets & corporate Affairs, India Infoline told Times of India. 




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