For Quick Alerts
For Daily Alerts

Rupee Falls Past 69.80 Vs Dollar On EM Currency Sell-Off Due To Turkish Crisis


Rupee has fallen to a new all-time low of 69.88 versus the dollar, depreciating by 1.527% in trade today as against previous closing. In early-trade on Monday, the domestic currency hit all time low of 69.53 against the dollar as losses in Turkish lira by over 8% dragged other emerging market currencies down which fuelled the demand for safe-haven investments.

Rupee Falls Past 69.80 Vs Dollar On EM Currency Sell-Off

Last week, the US President Donald Trump hinted at levying higher tariffs on metals that are imported from Turkey. The development resulted in losses for the Turkish Lira which fell to record lows. To provide support to the currency, the President of Turkey asked his countrymen to sell dollars and gold as a result massive sell-off was triggered in the global markets.

The Turkish currency has been hit for the fourth consecutive day and recorded a new low after its President gave no indications to back down in a tariff stand-off with the US. Meanwhile, with the spread of Turkish financial and economic crisis to the broader world, the MSCI Emerging Market Index also was dragged to its lowest point in over a year.

Indian rupee has been the worst Asian currency so far this year. At 4:21 pm, the rupee was quoting with menial gains at 69.83 for a dollar.

Read more about: rupee dollar
Story first published: Monday, August 13, 2018, 16:44 [IST]
Company Search
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more